--- title: "Venues Built Crypto Derivatives Out as Bitcoin Futures Leverage Fell" published: 2026-10-28T03:54:37.253046+00:00 type: sector_rotation scope: derivatives canonical: https://www.moonwire.org/insights/venues-built-crypto-derivatives-out-as-bitcoin-futures-2026-09-30.html tags: [derivatives, bitcoin, leverage, perpetuals, regulation] --- # Venues Built Crypto Derivatives Out as Bitcoin Futures Leverage Fell > 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. ## Key takeaways - The CFTC approved Coinbase Clearing LLC, a USDC-native clearinghouse for 24/7 crypto derivatives settlement [[1]](/s/0LrENTJASCuoMYvPGRiiqw?p=a7054b72a757). - Payward, Kraken's parent, announced on-chain perpetual futures for US customers built on Hyperliquid [[2]](/s/TKFu9bEjRXe-nK4w845fQA?p=a7054b72a757), while Lark Davis discussed a CME lawsuit over how Hyperliquid's perpetuals are classified [[7]](/s/nMkWX0y0QGiujd0LYosBgg?p=a7054b72a757). - A Glassnode chart put the Bitcoin futures leverage ratio at 0.24, a two-year low [[3]](/s/NWC5bJ9GTBWLfpuyGK4-qw?p=a7054b72a757), and Glassnode measured coin-denominated open interest down about 20% during a 35% price rise [[11]](/s/MOKTxsXzTYyn0yo9krHvkA?p=a7054b72a757). - Coin Bureau's account of the rally instead had futures open interest rising 7.5% [[17]](/s/zILjprkPSo-gRiwbTglbTw?p=a7054b72a757), and Glassnode saw long leverage slowly returning in options [[18]](/s/JxY3weg6Q_e0ML19_oGr7w?p=a7054b72a757). September's derivatives story ran in two directions. Venues added regulated plumbing [[1]](/s/0LrENTJASCuoMYvPGRiiqw?p=a7054b72a757)[[2]](/s/TKFu9bEjRXe-nK4w845fQA?p=a7054b72a757), while Bitcoin futures leverage fell to a two-year low [[3]](/s/NWC5bJ9GTBWLfpuyGK4-qw?p=a7054b72a757). ## The plumbing The [CFTC](https://www.moonwire.org/insights/glossary/cftc.md) approved Coinbase Clearing LLC, a USDC-native clearinghouse for 24/7 settlement of crypto derivatives. Coinbase said it completes its regulated derivatives stack [[1]](/s/0LrENTJASCuoMYvPGRiiqw?p=a7054b72a757). Coinbase Derivatives reported record [open interest](https://www.moonwire.org/insights/glossary/open-interest.md) of $1.6 billion and weekly notional volume above $6 billion as of 22 September [[4]](/s/LAwSKI8yQ8qsiFzO86kRKg?p=a7054b72a757). Coinbase also lowered its advanced fee tier and began counting both spot and derivatives volume toward it [[5]](/s/JC0kEaNxS4S-khREIi5c8g?p=a7054b72a757). It also announced a roughly one-hour pause in non-US [perpetual futures](https://www.moonwire.org/insights/glossary/perpetual-futures.md) on 1 October, for maintenance tied to its Deribit migration [[6]](/s/xJWfQwehQyaHiMmRSCuwVg?p=a7054b72a757). Across the rest of the sector: - **Payward and Hyperliquid:** Kraken's parent Payward announced it will offer on-chain perpetual futures to US customers using Hyperliquid [[2]](/s/TKFu9bEjRXe-nK4w845fQA?p=a7054b72a757). - **CME and Hyperliquid:** Lark Davis discussed a CME lawsuit against Hyperliquid over how its perpetual futures are classified, which he said could affect US market access [[7]](/s/nMkWX0y0QGiujd0LYosBgg?p=a7054b72a757). - **Binance:** Binance announced US stock and ETF options with physical settlement [[8]](/s/f5Uzgd5GTPCUdExIhqeOsw?p=a7054b72a757). Ethena announced a partnership with Binance to extend its basis trade into equity perpetuals [[9]](/s/rxcITokTQMiFbNJnOp7eGA?p=a7054b72a757). - **CFTC guidance:** The CFTC published updated FAQs on the obligations of registrants that deal in crypto assets [[10]](/s/nc28rk71RoOfSBGQrehh-A?p=a7054b72a757). ## 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]](/s/NWC5bJ9GTBWLfpuyGK4-qw?p=a7054b72a757). Glassnode measured coin-denominated open interest down almost 20%, to its lowest since March, while price rose 35% from the August low [[11]](/s/MOKTxsXzTYyn0yo9krHvkA?p=a7054b72a757). Short positions bore much of the reset. Trader_XO shared a report of $648 million of crypto shorts [liquidated](https://www.moonwire.org/insights/glossary/liquidation.md) as Bitcoin broke $85,000 [[12]](/s/B6R_HhnZS7uckf222yTOeQ?p=a7054b72a757). Glassnode had mapped a dense shelf of short liquidations between $85k and $87.5k [[13]](/s/1BMzPqB8Q1Kt26T8lHdvxQ?p=a7054b72a757). 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]](/s/UpsQj62QS4Kw5aVCRLbsdA?p=a7054b72a757). Options positioning shifted over the month: - **Before the Fed decision:** one-month 25-delta Bitcoin puts were 1.9 volatility points richer than calls [[15]](/s/zEWAJy8MSB-vFFjgM8bl7w?p=a7054b72a757). - **Ahead of the 25 September expiry:** Bitcoin and Ether options were call-heavy, with max-pain levels of $75,000 for Bitcoin and $2,250 for Ether, both below market prices at the time [[16]](/s/XLMCCC3MTeaAE5jSYMcq9w?p=a7054b72a757). ## 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]](/s/zILjprkPSo-gRiwbTglbTw?p=a7054b72a757). After Bitcoin touched $86k, Glassnode saw long leverage slowly returning in the options market, while perpetual funding stayed below neutral [[18]](/s/JxY3weg6Q_e0ML19_oGr7w?p=a7054b72a757). Nansen profiled a single Hyperliquid account holding about $119 million of long exposure at 11.3x leverage [[19]](/s/f7XX7IUDRhitdgjZyfghqw?p=a7054b72a757). The structural argument ran on two tracks: - **Activity:** Coinbase described a record-breaking week and said it was "just warming up for Q4" [[4]](/s/LAwSKI8yQ8qsiFzO86kRKg?p=a7054b72a757). - **Access:** Lark Davis's account of the CME suit pointed to US market access for perpetuals as an open question [[7]](/s/nMkWX0y0QGiujd0LYosBgg?p=a7054b72a757). --- *MoonWire surfaces and summarizes public crypto news.* **General information only — not financial advice.** MoonWire Ltd. is not licensed by ASIC and holds no AFSL. 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