Open Interest Screener
Track open interest across exchanges and symbols. See which assets have the most capital deployed and identify concentration across venues.
What Is Open Interest?
Open interest (OI) represents the total value of outstanding perpetual futures contracts that have not been settled. Rising OI alongside price increases suggests new capital entering the market, while falling OI can indicate position unwinding. OI is one of the most reliable indicators of market conviction.
The relationship between price, volume, and open interest tells a story about market structure. Rising price with rising OI confirms a strong trend backed by new money. Rising price with declining OI suggests a short squeeze or position covering rather than genuine buying. Falling price with rising OI indicates new short positions are being opened — often a sign of bearish conviction that can lead to cascading liquidations if the trend reverses.
OI concentration across exchanges also matters. When a large portion of open interest sits on a single venue, liquidation events on that exchange can have outsized market impact. DEX open interest has been growing steadily, but CEX venues still account for the majority of positioning — making cross-venue OI comparison essential for understanding where the real leverage sits.
This screener pulls per-symbol OI from each exchange’s funding rate ticker endpoint, giving you a cross-venue breakdown. Compare OI concentration across CEX and DEX venues to understand where the most capital is deployed for each symbol.
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What open interest reveals about market conviction
Open interest (OI) is the total number of outstanding perpetual futures contracts that haven't been settled. Unlike volume, which resets daily, OI is cumulative -- it only changes when new contracts are created or existing ones are closed. Rising OI means new money is entering the market. Falling OI means positions are being unwound.
The classic framework: rising price + rising OI = strong trend (new longs entering). Rising price + falling OI = short covering rally (weaker, often reverses). Falling price + rising OI = new shorts entering (bearish conviction). Falling price + falling OI = long capitulation (often near bottoms). BTC OI typically ranges from $15-25B across major exchanges. A $3-5B increase in a week signals significant new positioning. Check the liquidation tracker to see what happens when that leverage gets tested.
Watch for OI concentration on specific exchanges. If 40% of BTC OI sits on one platform, a liquidation cascade there will disproportionately impact price. Compare OI distribution across exchanges on the perp rankings page, and use funding rates to determine whether longs or shorts are paying to hold their positions.