According to CoinGecko's State of Crypto Perpetuals Report 2026, total crypto open interest fell from $210 billion on October 7, 2025, to $99.09 billion by April 2026, marking a 50% decline. This drop followed a market-wide liquidation event on October 10, 2025, which wiped out billions in leveraged positions. The report highlights that leverage remains sharply below its 2025 peak months after the crash, indicating cautious sentiment among traders. The decline in open interest suggests reduced risk appetite and potential structural changes in the derivatives market. The October crash, often referred to as 'Black Friday' for crypto, triggered cascading liquidations across major exchanges, leading to a prolonged deleveraging period. CoinGecko's data shows that despite some recovery in asset prices, leveraged trading has not rebounded, with open interest stabilizing at lower levels. This trend could signal a shift towards more conservative trading strategies or regulatory impacts on margin lending.

Key facts

• Total crypto open interest fell from $210B to $99B from October 2025 to April 2026.
• The crash on October 10, 2025, triggered widespread liquidations.
• Leverage remains 50% below its 2025 peak months after the event.
• CoinGecko's report indicates cautious trader sentiment and reduced risk appetite.