Bitcoin Futures Open Interest
Track Bitcoin perpetual futures open interest across Binance, Bybit, OKX, Deribit, Hyperliquid.
What is Open Interest for Bitcoin?
Bitcoin open interest is the total USD value of BTC perpetual futures contracts that are open and not yet closed or settled. Every contract has a long and a short side, so open interest counts each contract once.
Sharpe stacks BTC open interest by exchange across Binance, Bybit, OKX, Deribit, Hyperliquid, so the chart shows both how much leverage is deployed in Bitcoin and which venues hold it.
How to read the Bitcoin Open Interest chart
Rising BTC open interest means new positions are being opened; falling open interest means positions are being closed or liquidated.
Read it with price: open interest and price rising together suggests new longs are driving the move, while open interest rising as price falls suggests new shorts. A sharp drop in open interest during a fast move usually marks a deleveraging flush.
The stacked bands show each venue's share. A venue whose band grows faster than the rest is where new Bitcoin positioning is concentrating.
Latest Bitcoin Open Interest snapshot
| Exchange | Open Interest | Share |
|---|---|---|
| Binance | $10.61B | 33.7% |
| MEXC | $4.85B | not in total |
| OKX | $3.52B | 11.2% |
| Bybit | $3.02B | 9.6% |
| Hyperliquid | $3.01B | 9.5% |
| Gate.io | $2.29B | 7.3% |
| WhiteBIT | $1.58B | 5.0% |
| Bitget | $1.41B | 4.5% |
| HTX | $1.09B | 3.5% |
| BingX | $968.36M | 3.1% |
| Deribit | $857.10M | 2.7% |
| KuCoin | $761.10M | 2.4% |
| Bitfinex | $676.41M | 2.1% |
| Aster | $467.90M | 1.5% |
| Crypto.com | $451.05M | 1.4% |
| Kraken | $200.21M | 0.6% |
| GRVT | $184.18M | 0.6% |
| Variational | $158.64M | 0.5% |
| Lighter | $146.86M | 0.5% |
| ApeX | $60.44M | 0.2% |
| Pacifica | $18.73M | 0.1% |
| Backpack | $18.40M | 0.1% |
| Extended | $15.29M | 0.0% |
Data last updated
Bitcoin Open Interest FAQ
What does high Bitcoin open interest mean?
High BTC open interest means a large amount of leveraged exposure is open. It does not say which direction is crowded on its own; pair it with funding rate and the long/short ratio to see whether longs or shorts are paying to hold their positions.
Is Bitcoin open interest measured in coins or dollars?
This page shows BTC open interest in USD notional, so venues that quote contracts in different units can be added together and compared.
Which exchanges are included in Bitcoin open interest?
The aggregate covers Binance, Bybit, OKX, Deribit, Hyperliquid. Each venue's contribution is shown as its own band in the stacked chart.
Open interest stacked by exchange