Total OI
$8.07b
CEX
1
DEX
6
| # | ||||
|---|---|---|---|---|
| 1 |  HyperliquidHyperliquidDEX | $5.23b | $1.38b | View4% off trading fees |
| 2 |  DeribitDeribitCEX | $2.60b | $252.2m | View10% fee discount |
| 3 |  dYdXdYdXDEX | $68.0m | $25.9m | ViewFee tier 3 instantly |
| 4 | D DriftDriftDEX | $61.1m | - | |
| 5 |  ParadexParadexDEX | $52.4m | - | View10% point bonus |
| 6 |  GMXGMXDEX | $51.5m | - | View10% off every trade |
| 7 |  AevoAevoDEX | $9.0m | - | View10% off all trading fees |
What open interest tells you
Open interest measures the total value of outstanding perpetual futures contracts that haven't been settled. When OI rises, new money is entering the market — traders are opening fresh positions. When it falls, positions are being closed.
High OI relative to volume can signal that large positions are building up, which often precedes volatile moves. A sudden drop in OI during a price move confirms liquidations are happening. For a deeper dive, read our guide on what open interest means for trading.
The rankings above combine data from CoinGecko (CEX exchanges) and on-chain sources (DEX protocols). CEX exchanges like Binance and Bybit typically hold the majority of open interest, while DEX platforms like Hyperliquid and dYdX have been gaining share. Compare these with funding rates to see whether longs or shorts dominate. You can also view volume by chain or the full exchange rankings. For a practical introduction, see our guide on how to trade perps on a DEX or learn about understanding funding rates.