Open Interest

BTC perpetual futures · aggregate of all exchanges (CoinGecko)

$34,868,773,328

Bybit BTCUSDT perp · contracts converted at each day's own price-4.60 % 24h

USD

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Open interest (OI) is the total value of open futures contracts that haven't yet been closed or settled. It rises as new positions enter the market and falls when positions close or get liquidated.

Rising OI with a rising price = a strong trend (new money). Rising OI with a falling price = shorts are being opened. A sharp OI drop usually means a liquidation cascade or deleveraging.

Binance

$8,832,055,681

25.3 % share

OKX

$2,885,748,047

8.3 % share

Bybit

$2,569,190,718

7.4 % share

Deepcoin (Derivatives)

$2,134,153,030

6.1 % share

MEXC

$2,055,033,762

5.9 % share

Gate

$1,743,128,383

5.0 % share

WEEX

$1,487,930,648

4.3 % share

CoinW

$1,414,686,350

4.1 % share

Tapbit

$1,265,949,520

3.6 % share

Toobit

$1,247,506,977

3.6 % share

Headline number: the aggregate of BTC perpetual contracts across all exchanges (source: CoinGecko Derivatives). Chart below: the historical trend per Bybit BTCUSDT perp (a proxy for the trend over time).