After BTC and ETH surged, the crypto Open Interest (OI) ratio rose to 67%, but nearly 90% of the increase came from price reassessment.

BlockBeats News, August 20, according to TradingBeats data, the Hyperliquid main DEX native perpetual nominal OI is about $81.80 billion, accounting for 66.97% of the total OI with Trade.xyz; Trade.xyz is about $40.35 billion, accounting for 33.03%.

24 hours ago, their respective ratios were 64.18% and 35.82%. The crypto perpetual share has increased by about 2.79 percentage points in the past 24 hours, but most of it comes from the nominal value revaluation due to the rise of BTC and ETH. If the current contract amounts are uniformly revalued based on the prices in the last 24 hours, the crypto perpetual ratio only rises to 64.44%, an increase of about 0.26 percentage points from before; if the contract amounts remain unchanged from 24 hours ago and only the current prices are considered, the ratio can increase to 66.67%.

Based on this calculation, of the 2.79 percentage points increase in share in this round, about 2.49 percentage points, close to 90%, come from price increases, while the actual change in contract amounts contributes only about 0.3 percentage points. Excluding the price impact, both sides are actually deleveraging. At the current prices, the native crypto OI decreased by about $147 million, and Trade.xyz decreased by about $129 million; however, Trade.xyz contracted by about 3.1% relative to the previous value, higher than the native crypto's 1.8%.

BTC is the most notable: it rose by about 8.6% in the past 24 hours, but the OI decreased by about 2542 BTC, equivalent to about $177 million at the current price; the nominal OI increased from $24.20 billion to $24.49 billion. ETH rose by about 18%, with a nominal OI increase of about $310 million, but actually only added about 1475 ETH, equivalent to about $3.34 million at the current price.

HYPE is a major exception, with a price increase of about 23.2%, while the OI increased by about 811,000 coins, equivalent to about $58.36 million at the current price.

The return of the crypto perpetual OI ratio to 67% does not signify a large-scale influx of leveraged funds into BTC and ETH; it is mainly driven by the rising coin prices boosting the nominal OI and the faster deleveraging in Trade.xyz.