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Track Bitcoin perpetual futures open interest across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Bitcoin (BTC) 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.
Bitcoin (BTC) is the deepest and most liquid perpetual futures market in crypto, listed on every major venue from Binance and Bybit down to regional Korean DEXs. Aggregate BTC perp open interest peaked above $40B in March 2024 during the spot-ETF launch rally and again above $60B in late 2024 as price cleared $100K. Binance, Bybit, OKX, Hyperliquid, and the CME collectively clear roughly 85% of BTC perp volume; CME basis is the cleanest institutional-positioning read since retail cannot access it. Because BTC is the settlement asset for most cross-margined books, forced BTC liquidations cascade into altcoin selling within minutes — BTC futures data leads the rest of the complex on any meaningful deleveraging event, which is why traders chart it first before anything else.
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.