diff --git a/Cargo.lock b/Cargo.lock
index e5a4fda..a720998 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -568,7 +568,7 @@ dependencies = [
  "lru",
  "parking_lot",
  "pin-project",
- "reqwest 0.13.3",
+ "reqwest",
  "serde",
  "serde_json",
  "thiserror 2.0.18",
@@ -612,7 +612,7 @@ dependencies = [
  "alloy-transport-http",
  "futures",
  "pin-project",
- "reqwest 0.13.3",
+ "reqwest",
  "serde",
  "serde_json",
  "tokio",
@@ -818,7 +818,7 @@ dependencies = [
  "alloy-json-rpc",
  "alloy-transport",
  "itertools 0.14.0",
- "reqwest 0.13.3",
+ "reqwest",
  "serde_json",
  "tower",
  "tracing",
@@ -895,9 +895,9 @@ dependencies = [
  "lazy_static",
  "moka",
  "num_cpus",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "opentelemetry-otlp",
- "opentelemetry_sdk",
+ "opentelemetry_sdk 0.31.0",
  "prost",
  "prost-types",
  "serde",
@@ -927,9 +927,9 @@ dependencies = [
  "crossbeam",
  "dashmap",
  "dotenv",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "opentelemetry-otlp",
- "opentelemetry_sdk",
+ "opentelemetry_sdk 0.31.0",
  "prost",
  "prost-types",
  "serde",
@@ -956,7 +956,7 @@ dependencies = [
  "hex",
  "k256",
  "rand 0.8.5",
- "reqwest 0.13.3",
+ "reqwest",
  "serde",
  "serde_json",
  "sha2 0.11.0",
@@ -977,9 +977,9 @@ dependencies = [
  "dotenv",
  "hex",
  "insta",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "opentelemetry-otlp",
- "opentelemetry_sdk",
+ "opentelemetry_sdk 0.31.0",
  "prost",
  "prost-types",
  "serde",
@@ -3555,46 +3555,60 @@ dependencies = [
  "tracing",
 ]
 
+[[package]]
+name = "opentelemetry"
+version = "0.32.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "b0142c63252a9e054e68a4c61a5778f7b14f576274d593f8ce883d191a099682"
+dependencies = [
+ "futures-core",
+ "futures-sink",
+ "js-sys",
+ "pin-project-lite",
+ "thiserror 2.0.18",
+ "tracing",
+]
+
 [[package]]
 name = "opentelemetry-http"
-version = "0.31.0"
+version = "0.32.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d7a6d09a73194e6b66df7c8f1b680f156d916a1a942abf2de06823dd02b7855d"
+checksum = "5683015d09e2df236ef005b17f6f196f0d5f6313c4fa43a7b6a53b52776e4331"
 dependencies = [
  "async-trait",
  "bytes",
  "http 1.4.0",
- "opentelemetry",
- "reqwest 0.12.28",
+ "opentelemetry 0.32.0",
+ "reqwest",
 ]
 
 [[package]]
 name = "opentelemetry-otlp"
-version = "0.31.1"
+version = "0.32.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1f69cd6acbb9af919df949cd1ec9e5e7fdc2ef15d234b6b795aaa525cc02f71f"
+checksum = "9966929966d17620d7c316c643ba62631826e10021409357772d5eea84f62c35"
 dependencies = [
  "http 1.4.0",
- "opentelemetry",
+ "opentelemetry 0.32.0",
  "opentelemetry-http",
  "opentelemetry-proto",
- "opentelemetry_sdk",
+ "opentelemetry_sdk 0.32.0",
  "prost",
- "reqwest 0.12.28",
+ "reqwest",
  "thiserror 2.0.18",
  "tokio",
  "tonic",
- "tracing",
+ "tonic-types",
 ]
 
 [[package]]
 name = "opentelemetry-proto"
-version = "0.31.0"
+version = "0.32.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a7175df06de5eaee9909d4805a3d07e28bb752c34cab57fa9cff549da596b30f"
+checksum = "56d658ba1faf63f7b9c492cfbe6e0ec365440a16132d3270c1065f7b33f1b638"
 dependencies = [
- "opentelemetry",
- "opentelemetry_sdk",
+ "opentelemetry 0.32.0",
+ "opentelemetry_sdk 0.32.0",
  "prost",
  "tonic",
  "tonic-prost",
@@ -3609,7 +3623,7 @@ dependencies = [
  "futures-channel",
  "futures-executor",
  "futures-util",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "percent-encoding",
  "rand 0.9.2",
  "thiserror 2.0.18",
@@ -3617,6 +3631,22 @@ dependencies = [
  "tokio-stream",
 ]
 
+[[package]]
+name = "opentelemetry_sdk"
+version = "0.32.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "368afaed344110f40b179bb8fbe54bc52d98f9bd2b281799ef32487c2650c956"
+dependencies = [
+ "futures-channel",
+ "futures-executor",
+ "futures-util",
+ "opentelemetry 0.32.0",
+ "percent-encoding",
+ "portable-atomic",
+ "rand 0.9.2",
+ "thiserror 2.0.18",
+]
+
 [[package]]
 name = "ordered-multimap"
 version = "0.7.3"
@@ -4290,40 +4320,6 @@ version = "0.8.9"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a96887878f22d7bad8a3b6dc5b7440e0ada9a245242924394987b21cf2210a4c"
 
-[[package]]
-name = "reqwest"
-version = "0.12.28"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "eddd3ca559203180a307f12d114c268abf583f59b03cb906fd0b3ff8646c1147"
-dependencies = [
- "base64",
- "bytes",
- "futures-channel",
- "futures-core",
- "futures-util",
- "http 1.4.0",
- "http-body",
- "http-body-util",
- "hyper",
- "hyper-util",
- "js-sys",
- "log",
- "percent-encoding",
- "pin-project-lite",
- "serde",
- "serde_json",
- "serde_urlencoded",
- "sync_wrapper",
- "tokio",
- "tower",
- "tower-http",
- "tower-service",
- "url",
- "wasm-bindgen",
- "wasm-bindgen-futures",
- "web-sys",
-]
-
 [[package]]
 name = "reqwest"
 version = "0.13.3"
@@ -4333,7 +4329,9 @@ dependencies = [
  "base64",
  "bytes",
  "encoding_rs",
+ "futures-channel",
  "futures-core",
+ "futures-util",
  "h2 0.4.13",
  "http 1.4.0",
  "http-body",
@@ -5467,6 +5465,17 @@ dependencies = [
  "tonic-build",
 ]
 
+[[package]]
+name = "tonic-types"
+version = "0.14.5"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "2a875a902255423d34c1f20838ab374126db8eb41625b7947a1d54113b0b7399"
+dependencies = [
+ "prost",
+ "prost-types",
+ "tonic",
+]
+
 [[package]]
 name = "tower"
 version = "0.5.3"
@@ -5580,7 +5589,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "1ac28f2d093c6c477eaa76b23525478f38de514fa9aeb1285738d4b97a9552fc"
 dependencies = [
  "js-sys",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "smallvec",
  "tracing",
  "tracing-core",
diff --git a/crates/gateway/Cargo.toml b/crates/gateway/Cargo.toml
index 85b1284..019a57b 100644
--- a/crates/gateway/Cargo.toml
+++ b/crates/gateway/Cargo.toml
@@ -41,5 +41,5 @@ dashmap = { workspace = true }
 moka = { workspace = true }
 opentelemetry = { version = "^0.31", features = ["trace"] }
 opentelemetry_sdk = { version = "^0.31", features = ["rt-tokio"] }
-opentelemetry-otlp = { version = "^0.31", features = ["trace", "grpc-tonic"] }
+opentelemetry-otlp = { version = "^0.32", features = ["trace", "grpc-tonic"] }
 lazy_static = "^1"
diff --git a/crates/matching/Cargo.toml b/crates/matching/Cargo.toml
index b4d62b7..45ab8ee 100644
--- a/crates/matching/Cargo.toml
+++ b/crates/matching/Cargo.toml
@@ -43,7 +43,7 @@ tracing-appender = { workspace = true }
 tracing-opentelemetry = "^0.32"
 opentelemetry = { version = "^0.31", features = ["trace"] }
 opentelemetry_sdk = { version = "^0.31", features = ["trace"] }
-opentelemetry-otlp = { version = "^0.31", features = ["trace", "grpc-tonic"] }
+opentelemetry-otlp = { version = "^0.32", features = ["trace", "grpc-tonic"] }
 tokio-stream = "^0.1"
 config = { workspace = true }
 dashmap = { workspace = true }
diff --git a/crates/settlement/Cargo.toml b/crates/settlement/Cargo.toml
index dc8f2a7..437092f 100644
--- a/crates/settlement/Cargo.toml
+++ b/crates/settlement/Cargo.toml
@@ -30,7 +30,7 @@ tracing-appender = { workspace = true }
 tracing-opentelemetry = "^0.32"
 opentelemetry = { version = "^0.31", features = ["trace"] }
 opentelemetry_sdk = { version = "^0.31", features = ["trace"] }
-opentelemetry-otlp = { version = "^0.31", features = ["trace", "grpc-tonic"] }
+opentelemetry-otlp = { version = "^0.32", features = ["trace", "grpc-tonic"] }
 config = { workspace = true }
 hex = { workspace = true }
 sha2 = { workspace = true }