Definition. This chart compares the relative dominance of open interest across perpetual futures markets for BTC (orange) and ETH (blue). Perpetual futures have proven to be a favored futures product, capturing a large share of both open interest and trade volume for both assets.

Technical. Dominance is calculated as each asset's share of their combined perpetual open interest:

• Bitcoin Dominance = BTC OI / (BTC OI + ETH OI)
• Ethereum Dominance = ETH OI / (BTC OI + ETH OI)

The two series are complementary and sum to 100% at all times.

Interpretation. This dominance measure tracks where leveraged positioning is concentrated between the two majors. Rising ETH dominance indicates speculative capital and hedging activity rotating toward Ethereum, behavior typically associated with broadening risk appetite, while rising BTC dominance reflects positioning concentrating in the more established market, common during risk-off phases or Bitcoin-led trends. Because open interest measures standing positions rather than daily activity, shifts in this ratio are gradual and describe structural rotation; sharp moves usually accompany large liquidation events that clear one side's open interest faster than the other's.

Notes. The share of perpetuals within each asset's overall futures market is charted in BTC Perpetual Futures Dominance and ETH Perpetual Futures Dominance. Built from Perpetual Futures Open Interest. See also the flow-side counterpart BTC vs ETH Perpetual Futures Volume Dominance and the BTC vs ETH Funding Rate Spread.