Increasing open interest and funding rates highlight rising demand for bullish bitcoin positions.
By James Van Straten|Edited by Jamie CrawleyOct 2, 2026, 5:14 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on BTC Open Interest (Coinglass)SummaryShow- Since September 30, Bitcoin's open interest has risen by $2.3 billion (27,000 BTC), with higher funding rates indicating that traders are paying more to sustain bullish positions.
- In premarket trading, Strategy and Strive saw gains of approximately 3%, while Coinbase and Robinhood each increased by about 2%.
As Bitcoin's price climbs above $86,000, derivatives trading activity is gaining momentum ahead of the upcoming U.S. jobs report.
The total open interest has increased from 626,000 BTC to about 653,000 BTC ($56.2 billion) since September 30, according to data from CoinGlass. This marks an increase of 27,000 BTC ($2.3 billion), which is roughly a 4.3% rise. Open interest reflects the total value of outstanding futures and perpetual contracts that have not been settled or closed. A rise in open interest suggests that traders are increasing their exposure, though it does not specify whether they are betting on price increases or decreases.
During the same period, Bitcoin's price has surged from approximately $83,500 to $86,500. The correlation between the price rise and the increase in open interest indicates that new positions are contributing to the ongoing rally.
At the same time, the perpetual funding rate has escalated from around 3% to 10%. This funding is a periodic fee exchanged between traders with long and short positions, intended to keep perpetual futures prices aligned with the spot price. When the funding rate is positive, traders who anticipate price increases compensate those expecting declines.
This uptick signals a heightened demand for bullish positions, as traders are prepared to incur higher costs to maintain their positions ahead of the jobs report.
However, the open interest of about 625,000 BTC at the end of September was close to its lowest point in the past year. Even though speculative activity is starting to rebound, the current rise is coming from a relatively low starting point. While higher funding rates indicate a more bullish market sentiment, they also increase the costs associated with holding long positions, making leveraged traders more susceptible to abrupt price shifts.
In premarket trading on Friday, stocks associated with the crypto sector are also experiencing upward movement. Strategy MSTR$165.27·Market Closed, the largest corporate holder of Bitcoin, and Strive ASST$31.25·Market Closed have each gained around 3%, while Coinbase COIN$194.70·Market Closed and Robinhood HOOD$113.20·Market Closed have risen approximately 2% each.
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