Key Takeaways
- • According to Talos, open interest in perpetual futures has fallen from approximately $81 billion to $67 billion over the past year, a $14 billion decline.
- • Open interest in perpetual contracts linked to real-world assets (RWAs), such as equities and commodities, has climbed to $9 billion from near zero a year ago, roughly 14% of the total open interest Talos tracks.
- • By asset, Bitcoin open interest fell about $8 billion and Ether dropped about $5 billion, while smaller tokens shrank by roughly $10 billion combined.
- • Exchanges are responding to the shift: Hyperliquid added index and commodity perpetuals, Binance offers more than 200 TradFi instruments, and OKX has built significant notional exposure in US stocks.
- • Talos research suggests RWA diversification could draw institutional participants previously deterred by crypto volatility.
Summary
Open interest in crypto perpetual futures has contracted sharply over the past year, according to Talos, the institutional trading infrastructure provider for digital assets. Open interest fell from approximately $81 billion to $67 billion, a $14 billion decline. Talos attributes the breakdown to asset-level shifts: Bitcoin open interest declined by about $8 billion and Ether by around $5 billion, while smaller tokens collectively lost roughly $10 billion.
The offsetting trend is the growth of real-world asset (RWA) perpetual contracts, which reference instruments such as equities and commodities. Open interest in these contracts has risen to $9 billion from near zero a year ago, now representing roughly 14% of the total open interest Talos tracks. The data, as of mid-October 2026, was highlighted by Bloomberg around October 15, 2026.
The contraction follows the October 10, 2025 deleveraging event, when approximately $19 billion in leveraged positions were liquidated in a single day. Samar Sen, head of international markets at Talos, said that while total perpetual open interest remains below year-ago levels, the market's structure has changed significantly.
Exchanges are adapting to the shift in demand. Hyperliquid has added perpetuals covering indices and commodities, Binance offers more than 200 TradFi instruments, and OKX has built significant notional exposure in US stocks. Talos research suggests this diversification could attract institutional participants who previously avoided crypto because of its volatility. Open questions remain on whether RWA contracts can grow their share beyond 14% or whether the trend reverses if crypto speculation returns.
The offsetting trend is the growth of real-world asset (RWA) perpetual contracts, which reference instruments such as equities and commodities. Open interest in these contracts has risen to $9 billion from near zero a year ago, now representing roughly 14% of the total open interest Talos tracks. The data, as of mid-October 2026, was highlighted by Bloomberg around October 15, 2026.
The contraction follows the October 10, 2025 deleveraging event, when approximately $19 billion in leveraged positions were liquidated in a single day. Samar Sen, head of international markets at Talos, said that while total perpetual open interest remains below year-ago levels, the market's structure has changed significantly.
Exchanges are adapting to the shift in demand. Hyperliquid has added perpetuals covering indices and commodities, Binance offers more than 200 TradFi instruments, and OKX has built significant notional exposure in US stocks. Talos research suggests this diversification could attract institutional participants who previously avoided crypto because of its volatility. Open questions remain on whether RWA contracts can grow their share beyond 14% or whether the trend reverses if crypto speculation returns.
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