Risk appetite is starting to return to the crypto derivatives market, as open interest rises across most major exchanges rather than being concentrated on a single venue.

Binance is leading the move. Its open interest has now climbed above $4 billion for the first time since April 2025, with the current reading standing at $4.45 billion.

Across the broader market, open interest is also recovering on several major derivatives platforms, with aggregate positioning moving back toward levels last seen around April 2025.

Still, current levels remain well below the highs recorded in October 2025. On Binance alone, open interest peaked at around $7.4 billion during that period, when excessive leverage helped drive a major Bitcoin correction from its all-time high above $120,000.

That suggests the current increase in open interest is taking place in a less leveraged environment, meaning risk appetite is rising again but without the same level of overheating seen at the October 2025 top.

Written by Amr Taha