A trader on decentralized exchange Ostium has kept a $1.14 million bullish EUR/USD perpetual futures position open for 400 days. The trade applies crypto’s long-term “HODL” mindset to a major forex pair, while highlighting how small on-chain FX remains beside the global currency market.
A trader on decentralized exchange Ostium has kept a $1.14 million bullish EUR/USD perpetual futures position open for 400 days. The trade applies crypto’s long-term “HODL” mindset to a major forex pair, while highlighting how small on-chain FX remains beside the global currency market.
The trade matters because it shows that some market participants are willing to use blockchain-based trading rails for long-duration exposure to major traditional assets. Still, platforms such as Ostium, Gains Network, Synthetix and GMX remain a very small part of global foreign exchange activity, which CoinDesk cited as exceeding $9 trillion in daily volume.
A trader on Ostium has held a $1.14 million long position in EUR/USD perpetual futures for 400 days, according to CoinDesk. The position, opened around early June 2025, is a bullish bet that the euro will strengthen against the U.S. dollar and marks an unusual use of the crypto-style “HODL” approach in forex trading.
The trade matters because it shows that some market participants are willing to use blockchain-based trading rails for long-duration exposure to major traditional assets. Still, platforms such as Ostium, Gains Network, Synthetix and GMX remain a very small part of global foreign exchange activity, which CoinDesk cited as exceeding $9 trillion in daily volume.
Ostium said the position has carried an annual holding cost of about 2.3%. The platform uses predictable rollover fees for FX pairs, rather than the funding-rate model common in crypto perpetual futures.
That structure is designed to resemble traditional forex swap or rollover mechanics more closely than typical crypto perp markets. In crypto perps, funding payments between long and short traders are generally used to keep contract prices aligned with spot markets.
EUR/USD was trading above 1.14 at the time of the CoinDesk report, roughly in line with its level when the position was opened, though the pair had climbed as high as 1.2082 in January. Whether this example leads to more long-term on-chain trading of traditional assets remains uncertain.
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