Patient zero: trader HODLs EUR/USD perpetual for 400 days and refuses to sell the fiat

A trader on the decentralized exchange Ostium has maintained a $1,139,490 long position in EUR/USD perpetual futures for 400 days, porting bitcoin's signature HODL strategy into the foreign-exchange market. The bullish bet, which expects the euro to strengthen against the U.S. dollar, was opened in early June 2025 and disclosed by Ostium on Tuesday.

EUR/USD traded above 1.14 as of writing, largely unchanged from where it stood in June last year, though the pair reached as high as 1.2082 in January. Bitcoin was trading at $62,943.70 at the time of publication, a 1.30% move.

Unlike conventional crypto perpetual futures, which use funding rates to keep contract prices anchored to spot, Ostium applies volatility-based rollover fees for FX pairs, modeled on traditional forex swap mechanics. Ostium said the position carries an annual holding cost of about 2.3%, described as more stable and predictable than typical crypto funding rates.

Ostium, which sources pricing from Nasdaq data, is one of several decentralized venues including Gains Network, Synthetix and GMX offering onchain FX trading. Such platforms still represent a tiny share of the global FX market, where daily turnover exceeds $9 trillion.

The 400-day euro HODL illustrates that some market participants are willing to use blockchain rails and perpetual contracts to hold leveraged views on traditional assets over extended horizons.