Open interest

Open interest is the total value of futures contracts currently open. It measures how much leverage is actually in the market — not how much is being traded, which is volume.

BTC perp open interest $8.24B -3.31% over 7 days

ETH perp open interest $5.86B +2.22% over 7 days

Across top venues 1.86M BTC all contracts, 12 exchanges

Largest venue Binance 413.51K BTC

Bitcoin perpetual open interest, 7 days

Built into the page

Ethereum perpetual open interest, 7 days

Open interest by exchange

Exchange	Open interest (BTC)	24h volume (BTC)	Perp pairs
Binance	413,513	565,150	589
Hyperliquid	187,133	78,217	404
CoinW	168,192	211,999	469
Bybit	161,644	134,669	860
Gate	152,542	132,463	1013
MEXC	146,338	124,283	1232
WEEX	143,002	189,404	1041
Tapbit	123,034	232,403	116
Bitget Futures	110,785	74,606	857
OKX	92,567	214,644	479
XT.COM (Derivatives)	91,379	95,459	725
Toobit Futures	71,567	197,135	762

Reading open interest properly

Rising OI with rising price

New money is opening longs. The move has fuel behind it, and also a growing pile of positions that can be liquidated on a pullback.

Rising OI with falling price

New shorts are being opened. Aggressive, and it sets up the conditions for a short squeeze if price reverses.

Falling OI with rising price

Shorts are covering rather than longs building. Rallies driven purely by this tend to stall once the covering finishes.

Falling OI with falling price

Longs are closing or being liquidated. A sharp drop in OI alongside a price drop is what a deleveraging event looks like.

One caveat worth knowing

Open interest in dollars rises when price rises even if not a single new contract is opened, because the same contracts are worth more. For positioning questions, compare OI denominated in coins with OI in dollars — if the dollar figure is making highs but the coin figure is flat, nothing new is being added. The charts above are in dollars; the exchange table is in BTC.

Data: Binance openInterestHist (1-hour candles), falling back to Bybit priced against matching hourly closes where Binance is unreachable, plus CoinGecko's derivatives endpoint for the venue table. Related: funding rates · live liquidations.