| Symbol | Mark Price | OI (Contracts) | OI (USD) | ||
|---|---|---|---|---|---|
What Is Open Interest?
Open Interest (OI) is the total number of outstanding derivative contracts — futures and perpetuals — that have not been settled. Unlike trading volume (which resets daily), OI represents real capital actively committed to leveraged positions. Rising OI means new money is entering the market; falling OI means positions are being closed or liquidated.
The relationship between OI and price direction is key to derivatives analysis:
Rising OI + Rising Price = trend confirmation (new longs entering, momentum is real).
Rising OI + Falling Price = new shorts entering, bearish momentum building.
Falling OI + Rising Price = short squeeze, less conviction behind the move.
Falling OI + Falling Price = long liquidations, positions being flushed.
Combine this data with Funding Rates to understand whether the market is over-leveraged in either direction, and use the Liquidation Heatmap to see where cascading liquidations could occur if price moves sharply.