Crypto trader applies HODL strategy to $1.14M EUR/USD forex bet

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.