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Venues Built Crypto Derivatives Out as Bitcoin Futures Leverage Fell

Oct 27, 2026 · derivatives

September's derivatives story ran in two directions. Exchanges and clearinghouses added regulated plumbing for perpetuals, options and USDC settlement, while Bitcoin futures leverage fell to a two-year low during the month's rally.

September's derivatives story ran in two directions. Venues added regulated plumbing [1][2], while Bitcoin futures leverage fell to a two-year low [3].

The plumbing

The CFTC approved Coinbase Clearing LLC, a USDC-native clearinghouse for 24/7 settlement of crypto derivatives. Coinbase said it completes its regulated derivatives stack [1]. Coinbase Derivatives reported record open interest of $1.6 billion and weekly notional volume above $6 billion as of 22 September [4]. Coinbase also lowered its advanced fee tier and began counting both spot and derivatives volume toward it [5]. It also announced a roughly one-hour pause in non-US perpetual futures on 1 October, for maintenance tied to its Deribit migration [6].

Across the rest of the sector:

Leverage came off Bitcoin

The trading data ran the other way. A Glassnode chart shared by Coinbase Markets showed the Bitcoin futures leverage ratio at 0.24, its lowest in two years [3]. Glassnode measured coin-denominated open interest down almost 20%, to its lowest since March, while price rose 35% from the August low [11].

Short positions bore much of the reset. Trader_XO shared a report of $648 million of crypto shorts liquidated as Bitcoin broke $85,000 [12]. Glassnode had mapped a dense shelf of short liquidations between $85k and $87.5k [13]. In Ether, positioning leaned toward directional exposure: options open interest stood at about 23% of futures open interest, in the 7th percentile of the past two years [14].

Options positioning shifted over the month:

Where the reads split

Not every account showed leverage leaving. Coin Bureau's analysis of the rally had futures open interest rising 7.5% [17]. After Bitcoin touched $86k, Glassnode saw long leverage slowly returning in the options market, while perpetual funding stayed below neutral [18]. Nansen profiled a single Hyperliquid account holding about $119 million of long exposure at 11.3x leverage [19].

The structural argument ran on two tracks:

Sources & assets

Sources

Assets

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