Live Data
Open interest rankings
Compare reported perpetual futures open interest in USD across covered exchanges. Price changes and contract quantities can both change the total.
Total OI · 18 venues with an OI feed
$120.05b
CEX venues with an OI feed
15
DEX venues with an OI feed
3
| # | Details | |||||
|---|---|---|---|---|---|---|
| 1 | $30.76b | $60.30b | 0.51x | Details | ||
| 2 | $14.33b | $9.81b | 1.46x | Details | ||
| 3 | $13.18b | $14.88b | 0.89x | Details | ||
| 4 | $12.65b | $6.02b | 2.10x | Details | ||
| 5 | $8.71b | $8.20b | 1.06x | Details | ||
| 6 | $8.34b | $7.82b | 1.07x | Details | ||
| 7 | $7.84b | $22.99b | 0.34x | Details | ||
| 8 | $6.85b | $11.92b | 0.57x | Details | ||
| 9 | $5.37b | $11.83b | 0.45x | Details | ||
| 10 | $3.17b | $2.95b | 1.07x | Details | ||
| 11 | $2.98b | $1.36b | 2.19x | Details | ||
| 12 | $2.24b | $5.28b | 0.42x | Details | ||
| 13 | $1.05b | $1.19b | 0.88x | Details | ||
| 14 | $1.05b | $642.3m | 1.63x | Details | ||
| 15 | $1.01b | $598.0m | 1.69x | Details | ||
| 16 | $474.5m | $934.8m | 0.51x | Details | ||
| 17 | $39.0m | $36.6m | 1.07x | Details | ||
| 18 | $20.3m | — | — | Details |
How to read open interest
Open interest (OI) measures open derivative contracts. Each matched contract has a long side and a short side; the count includes one side. Venues can report contracts, asset quantity, or notional value. This ranking expresses the covered positions as USD notional. OI is not the margin deposited by traders or their net directional exposure.
Price can change USD open interest
Consider a hypothetical linear market with 100 BTC of open quantity. At $50,000 per BTC, its notional OI is $5 million. At $55,000, it is $5.5 million. The USD value rises 10% even if the open quantity stays unchanged. Contract counts require the correct contract multiplier before this calculation.
Opening, closing, and liquidation
When both counterparties open positions, OI increases. When both close positions, OI decreases. A transfer from a closing trader to an opening trader can leave OI unchanged. OI alone therefore cannot identify new longs, new shorts, or a liquidation event. Reported liquidation events add separate evidence, with their own coverage limits.
Compare matching units and periods
OI is a value at one time; trading volume covers a period. An OI-to-volume ratio needs the same instrument scope, units, and volume window. The ratio does not reveal trader conviction, leverage, or the timing of a future price move. Compare the fee schedules and execution costs separately from position totals.
What the combined total includes
A sum of comparable venue readings measures gross open notional across those venues. A trader with offsetting positions at two exchanges contributes to both exchange totals. Those are separate contracts, but their sum does not measure the trader's net risk or unique capital. Different update times, missing venues, and contract conventions also limit the combined total.
The rankings use public exchange and protocol data. An API value from a decentralized exchange is not automatically an independently verified blockchain balance. Check the table's source and freshness labels. Row-level collection times are not shown. Our data definitions describe the fields and missing-value policy.
Read funding as a separate measurement
A positive funding rate usually means longs pay shorts for the specified period; a negative rate reverses the payment. Funding and OI do not establish whether a trader holds a hedge or an unhedged position. The BTC and ETH funding tables distinguish rate types and intervals. The open interest guide explains contract-count examples.
Primary references
CME explains volume and open interest units and how opening and closing trades change OI. These definitions explain the measure; the PerpFinder table uses the sources identified for its covered crypto venues.