A trader on the Ostium platform has maintained a $1.14 million long position in EUR/USD perpetual futures for 400 days, mimicking a HODLing strategy common in cryptocurrency trading.
By Omkar Godbole|Edited by Jamie Crawley Jul 9, 2026, 9:51 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Trader retains a long position in EUR/USD for 400 days on a DEX. (Roman Synkevych/Unsplash)SummaryShow- A trader on the decentralized exchange Ostium has held a $1.14 million long position in EUR/USD perpetual futures for 400 days, mimicking a HODLing strategy from the crypto world.
- The position has incurred an annual holding cost of roughly 2.3% due to consistent rollover fees instead of traditional crypto funding rates.
- Ostium and similar exchanges still account for a small fraction of the global foreign exchange market, which exceeds $9 trillion in daily trading volume.
The term "HODLing," a popular slang in the cryptocurrency realm, signifies the strategy of buying and retaining an asset over an extended period, primarily associated with bitcoin BTC$62,886.81 and ether (ETH).
In an innovative move, a trader has adopted this long-term perspective for perpetual futures linked to the euro-dollar exchange rate (EUR/USD) on the Ostium decentralized exchange (DEX), which utilizes Nasdaq data.
The trader has held a long position valued at $1,139,490 for 400 days, according to Ostium's announcement on Tuesday. This optimistic position anticipates the euro will gain strength against the U.S. dollar, initiated around early June 2025. The EUR/USD rate was above 1.14 at the time of writing, remaining relatively stable since June last year but peaking at 1.2082 earlier this January.
Although on-chain FX trading through platforms such as Ostium, Gains Network, Synthetix, GMX, and others is still a minor segment of the massive traditional FX market, which boasts daily trading exceeding $9 trillion, this 400-day HODL on EUR/USD showcases a willingness among some traders to utilize blockchain technology and perpetual contracts for leveraged positions in established assets.
Ostium noted that maintaining this position resulted in an annual holding expense of about 2.3% from predictable rollover fees.
In contrast to standard crypto perpetual futures that rely on funding rates, which are payments exchanged between long and short positions to ensure contract prices align with spot prices, Ostium employs volatility-based rollover fees for FX pairs, resembling traditional forex swap/rollover practices.
These fees tend to be more stable and predictable. It remains to be seen if this instance will encourage further long-term on-chain trading of traditional assets.
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Why it matters:
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