Despite explosive trading volumes, derivatives positioning remained volatile throughout the year.
Global open interest fell to a 2025 low of ~$87 billion after Q1 deleveraging
It then surged to an all-time high of $235.9 billion on Oct. 7
A sharp reset in early Q4 erased over $70 billion, roughly one-third of total open interest, in a rapid deleveraging event
Even after that shakeout, year-end open interest stood at $145.1 billion, still 17% higher than at the start of the year, highlighting the market’s growing scale despite repeated stress events. #MarketNews
