Key facts
- A trader has maintained a $1.14 million long position in EUR/USD perpetual futures on the decentralized exchange Ostium for 400 days.
- This approach mirrors the 'HODLing' strategy commonly associated with cryptocurrencies like Bitcoin and Ether.
- The position expects the euro to strengthen against the U.S. dollar.
- The annual holding cost for the position is approximately 2.3%, derived from predictable rollover fees.
- Ostium's platform utilizes volatility-based rollover fees for FX pairs, aligning with traditional forex swap mechanics.
A trader has adopted a long-term 'HODLing' strategy, typically reserved for cryptocurrencies, for a significant forex bet on the decentralized exchange Ostium. The trader has held a $1.14 million long position in EUR/USD perpetual futures for 400 days, anticipating a strengthening of the euro against the U.S. dollar. This position was opened around early June 2025.
While EUR/USD is currently trading around 1.14, largely unchanged from June last year, it did reach a high of 1.2082 in January. The strategy incurs an annual holding cost of approximately 2.3% through predictable rollover fees, a mechanism Ostium uses for FX pairs that closely resembles traditional forex swap mechanics, differing from the funding rates common in crypto perpetual futures.
This approach highlights the growing comfort of some traders with using blockchain technology for leveraged positions on traditional assets, even though platforms like Ostium represent a minuscule fraction of the global FX market, which sees over $9 trillion in daily trading volume. It remains to be seen if this long-term, on-chain trading example will encourage wider adoption.