Open interest, live.
USDT notional of open perpetual contracts for 20 tracked pairs on Binance USDⓈ-M futures — one venue, not the whole market. Watch positioning build and unwind.
Live Open Interest Tracker
Open interest for 20 tracked USDⓈ-M perpetual contracts on Binance Futures, shown as USDT notional (contracts × last price). One venue — not a market-wide total. Click a column header to sort.
Total open interest (tracked pairs)
$17.71B
Tracked Pairs
20 / 20
Observed (Binance)
Auto-refreshes every 60s
| BTC/USDT | $8.21B | $84,065.50 | -2.76% | $16.91B |
| ETH/USDT | $6.11B | $2,684.67 | -2.61% | $11.35B |
| SOL/USDT | $919.55M | $114.9900 | -3.13% | $2.62B |
| XRP/USDT | $483.33M | $1.5029 | -7.01% | $2.00B |
| BNB/USDT | $446.53M | $772.3900 | -2.53% | $520.93M |
| DOGE/USDT | $275.63M | $0.094190 | -7.45% | $907.87M |
| UNI/USDT | $248.19M | $9.2730 | -10.80% | $838.87M |
| NEAR/USDT | $234.50M | $4.2770 | -4.91% | $1.38B |
| SUI/USDT | $126.18M | $0.958700 | -6.71% | $509.49M |
| LINK/USDT | $113.83M | $12.3780 | -5.22% | $265.06M |
| LTC/USDT | $112.28M | $67.4900 | +5.42% | $370.65M |
| AVAX/USDT | $105.77M | $10.2310 | -8.72% | $287.29M |
| ADA/USDT | $96.51M | $0.240200 | -7.04% | $313.64M |
| ARB/USDT | $58.79M | $0.216970 | -13.59% | $239.57M |
| FIL/USDT | $52.30M | $0.979000 | -7.11% | $194.61M |
| DOT/USDT | $39.01M | $1.1234 | -5.69% | $91.15M |
| APT/USDT | $26.44M | $0.766900 | -10.15% | $83.09M |
| ATOM/USDT | $20.11M | $1.7020 | -7.25% | $27.44M |
| OP/USDT | $19.24M | $0.125220 | -9.48% | $66.20M |
| POL/USDT | $16.20M | $0.102510 | -7.15% | $37.71M |
Binance Futures · USDT-margined perpetuals · 20 tracked pairs, one venue — not a market total · notional = contracts × last price
Table of Contents
Open interest history chart
Historical open interest (USDT notional) for Binance USDⓈ-M perpetuals. Pick a contract and a time range, or compare up to eight side by side.
BTC history
BTCUSDT · perpetual · USDT notional
Click multiple symbols to compare OI trends side by side
What is open interest in crypto?
Open interest (OI) is the number of outstanding derivative contracts — such as perpetual futures or options — that have not yet been settled or closed. Every open contract has a long side and a short side and is counted once. This page shows it as USDT notional: contracts × the last price, so the figure moves with price even when no contract opens or closes.
Think of it as a measure of how much money is actively positioned in the derivatives market. Every open position (one long + one short) counts as one unit of open interest.
Simple analogy: Imagine a poker table. Open interest is how many chips are on the table. Volume is how many chips changed hands in the last round. More chips on the table means more players have skin in the game.
How Open Interest Works
Open interest, counted in contracts, changes only when a position is created or closed:
A brand-new contract is created between two fresh participants.
The old buyer's position transfers to the new buyer. No new contract is created.
Both sides of an existing contract are closed. The contract ceases to exist.
Key point: In contracts, open interest only changes when new contracts are created or existing ones are fully closed — a position changing hands leaves it unchanged. In USDT notional, the figure this page shows, it also moves with price: the same 100 BTC of contracts is $8M at $80,000 and $8.8M at $88,000.
How to Interpret Open Interest
Read open interest alongside price — as a hypothesis to check, not a verdict. Every contract has a long and a short, so a price/OI combination alone cannot prove who opened what:
| Price | Open Interest | Signal | Interpretation |
|---|---|---|---|
| Rising | Rising | Often read as: new longs | New long exposure is one explanation — but USDT notional also rises with price. Confirm with volume and the contract count before calling it new money. |
| Rising | Falling | Often read as: short covering | Shorts closing can lift price while contracts fall — a rally with fewer participants, weaker than one with new buyers. |
| Falling | Rising | Often read as: new shorts | New short exposure is one explanation; longs forced to close is another. Neither the entry prices nor the leverage in use are visible here. |
| Falling | Falling | Often read as: longs exiting | Longs closing or being liquidated shrinks open interest on the way down — deleveraging that can exhaust a move, but nothing here times the bottom. |
Open Interest vs Volume
These two metrics are often confused but measure very different things:
| Feature | Open Interest | Volume |
|---|---|---|
| What it measures | Contracts open right now (shown here as USDT notional) | Contracts traded in a rolling 24-hour window |
| Resets? | No — it is a stock (open contracts right now), not a flow | Rolling 24-hour window — it slides; it is not reset at a fixed daily boundary |
| Indicates | Market participation & conviction | Activity & liquidity level |
| When high | Many positions at stake | Heavy trading activity |
| Best used for | Trend strength confirmation | Identifying breakout potential |
Pro tip: The strongest confirmation comes when both open interest and volume rise in the direction of price. Rising notional on a rising price with a flat contract count is mostly revaluation, not new positioning.
OI-Based Trading Signals
⚠️ OI Divergence
When price makes a new high but open interest does not rise, one reading is that the rally is short covering rather than new longs. Treat it as a hypothesis: confirm with volume and the contract count, and expect reversal risk to rise if it holds.
⚡ OI Spike + Volatility
A sudden jump in open interest means many new contracts were opened in a short window. That often precedes a larger move, because those positions must eventually be closed — but it does not say in which direction, or how leveraged they are.
💥 OI Flush (Rapid Decline)
A sharp drop in open interest usually coincides with mass liquidations or forced closing. It can mark a capitulation and the reset that precedes a reversal — but a flush can also be the first leg of a larger unwind.
🔄 Funding Rate + OI Combo
High open interest with strongly positive funding suggests crowded longs paying to hold; with strongly negative funding, crowded shorts. Crowding raises the odds of a cascade if price moves against the crowd — it does not show entry prices, the leverage in use or where liquidations cluster.
Combine open interest with funding rate data, volume and our liquidation calculator for a fuller picture of positioning — no single one of them shows entry prices, the leverage in use or where liquidations cluster.
Related Guides & Tools
Live Funding Rates
Track funding rates across top pairs.
Liquidation Calculator
Calculate your liquidation price.
What Are Perpetual Contracts?
Deep dive into crypto perps.
Futures vs Options
Compare futures and options.
What Are Bitcoin Futures?
Deep dive into BTC futures.
Futures Trading for Beginners
Step-by-step guide to start trading.
Derivatives & Leveraged Products — Important Risk Warning
Derivatives and leveraged products are complex and carry a high risk of rapid, substantial losses. Depending on the product and account rules, losses can exceed the initial margin or money committed. A stand-alone purchased option can lose its entire premium plus transaction costs; writing options, exercising into another position, or combining positions can create additional obligations. An uncovered call writer can face unlimited loss. Applicable legal protections can affect the loss boundary.
You should carefully consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This content is for educational purposes only and does not constitute financial advice, investment advice, or a recommendation to trade derivatives.
Legal availability and regulatory protections depend on the product, service, provider and jurisdiction. In the EU, check the applicable investment-services rules, including MiFID II where relevant, and any product restrictions. Before trading, verify with the relevant regulator whether the provider has the permissions required for the service and whether the product may be offered to you. A website being accessible, or a product appearing on this website, does not establish authorization or eligibility.
Disclaimer
Digital asset prices are volatile. Open interest data is provided for informational purposes only. You are solely responsible for your investment decisions. This content is for educational purposes only and does not constitute financial or investment advice.
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Frequently Asked Questions
What does rising open interest mean?
In contracts, rising open interest means more positions were opened than closed. In USDT notional — what this page shows — it can also rise because price rose while the contract count stayed flat. Read it with volume and price: rising contracts on rising volume is participation; rising notional alone may be revaluation.
What does declining open interest mean?
Positions are being closed faster than new ones are opened — voluntarily, or through liquidations. It often means a move is losing participants, but a decline in USDT notional can also be a price fall on an unchanged contract count.
Is high open interest bullish or bearish?
Neither on its own. High open interest means many contracts are open; it does not say which side has the conviction, how leveraged the positions are, or where they were entered. Pair it with price, volume and funding before reading direction into it.
What is the difference between open interest and volume?
Volume counts every contract traded in a rolling 24-hour window — each trade adds to it, whichever side. Open interest counts only the contracts still open at this moment. Volume can be high while open interest is flat (positions changing hands), and open interest can climb on modest volume (new positions held).
Can open interest predict liquidations?
Only loosely. High open interest with extreme funding suggests a crowded side that a sharp move against it can liquidate in a cascade. But open interest alone does not reveal the leverage in use, entry prices or liquidation levels — the liquidation heatmap and the funding pages add those pieces.
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Risk Warning
Cryptocurrency prices are highly volatile and can change rapidly. The information on this site is provided for informational purposes only and does not constitute financial, investment, or trading advice.