Perpetual futures open interest fell by $14 billion to $67 billion over the past year, according to Talos. Open interest in contracts tied to real-world assets, such as equities and commodities, surged to $9 billion from near zero a year ago. Bitcoin open interest dropped by roughly $8 billion and ether by about $5 billion, while smaller tokens saw a combined decline of around $10 billion. This shift follows the October 10, 2025 deleveraging event that wiped out approximately $19 billion in leveraged positions in a single day. Real-world asset contracts now account for roughly 14% of the total perpetual open interest tracked by Talos.
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