The protocol's rejuvenation is driven by elevated perpetual funding rates, with more catalysts ahead for growth.

Though modestly higher today, bitcoin remains lower by about 8% from its record high hit two weeks ago.

The funding rate spread has collapsed, indicating increased appetite by traders to speculate further out on the risk curve, one analyst said.

Some $45 million stemmed from altcoin futures in an unusual move – with bitcoin accounting for a relatively lesser $36 million in liquidations.