Ethereum Open Interest Shows Exchange-Level Divergence as Liquidation Clusters Build Above Price

Ethereum derivatives data is showing a notable shift in market structure, with open interest changing differently across major exchanges while the largest liquidation clusters remain above the current spot price.

On June 10, Binance recorded a 30-day open interest change of +616,400 ETH, marking its highest level since 2019. At the same time, Gate.io recorded a 30-day open interest change of -631,700 ETH, moving below its April 27, 2025 level of -564,500 ETH.

Liquidation heatmap data adds another important layer.

The larger liquidation clusters are currently located above ETH’s spot price, with the most visible areas around $2,200 and $2,400.

That does not mean ETH must move higher. However, it does suggest that these levels may become important sensitivity zones if the price starts to recover. When large liquidation clusters sit above spot price, traders often monitor those zones closely because they can influence short-term volatility if the market moves toward them.

Overall, ETH derivatives data is presenting a mixed but important signal: Binance’s 30-day open interest change has reached a multi-year high, Gate.io is showing a notable negative 30-day change, and liquidation liquidity appears more concentrated above the current price.

For now, the market message is clear: ETH is trading in a derivatives environment where positioning is uneven across exchanges, while key liquidation levels remain overhead near $2,200 and $2,400.

Written by Amr Taha