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Track BNB perpetual futures open interest across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates BNB (BNB) perpetual futures open interest data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Total USD value of outstanding perpetual futures contracts across exchanges. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
BNB has an unusual futures structure: perpetual OI is modest vs. its market cap (typically $500M-$1B) because BNB's largest holder base — Binance ecosystem participants — hold spot for fee discounts, Launchpad eligibility, and BSC gas rather than trading perps. Binance itself lists BNB perps, along with Bybit, OKX, and a handful of smaller venues; CME has no BNB product. BNB funding is structurally low and stable, often sub-5% APR for weeks, because the carry trade (long spot for utility, short perp for yield) is heavily farmed. Watch for BNB OI spikes around Binance Launchpad or HODLer Airdrop announcements — these are the two most consistent BNB-specific catalysts that drive leveraged positioning.
Open interest (OI) is the total notional USD value of outstanding perpetual futures contracts that have not yet been closed, liquidated, or settled. OI measures how much leverage is deployed in the market at a given instant — not how much has traded. Rising OI with rising price signals new leveraged longs entering; rising OI with flat or falling price signals short-side buildup and squeeze risk. Falling OI during a price move usually reflects position closures or forced liquidations rather than directional conviction. For top-10 coins, aggregate OI is typically 30-80% of spot market cap; ratios above 100% are rare outside of SOL and the memecoins.
Chart OI against price and overlay funding. OI-up/price-up is a confirmed trend; OI-up/price-flat is a squeeze in progress; OI-down/price-up usually marks the end of a move (shorts capitulating rather than longs adding). Stack OI by exchange to see which venue is driving the change — when OI grows on Hyperliquid or Bybit while Binance OI is flat, the move is retail-speculative rather than institutional. Divergences between OI and spot volume are late-cycle warnings worth taking seriously.