BTC Open Interest, Live
How much leveraged money is in Bitcoin perpetual futures right now, which exchanges hold it, and how it has changed over the last 30 days.
Last updated: · refreshes every 10 minutes
Data aggregated from major perpetual futures exchanges.
Total BTC open interest
Total OI
$41.46B
USD notional, all tracked exchanges
1h change
-0.21%
24h change
+8.32%
Signal
Aggressive leverage building
Based on the 24h change
Open interest by exchange
| # | Exchange | Open interest | Share |
|---|---|---|---|
| 1 | BinanceLargest | $12.60B | 30.4% |
| 2 | Bybit | $5.88B | 14.2% |
| 3 | Gate | $5.44B | 13.1% |
| 4 | Hyperliquid | $4.02B | 9.7% |
| 5 | OKX | $3.41B | 8.2% |
| 6 | Bitget | $2.98B | 7.2% |
| 7 | HTX | $2.29B | 5.5% |
| 8 | Deribit | $1.90B | 4.6% |
| 9 | Bitunix | $1.07B | 2.6% |
| 10 | Bitfinex | $765.38M | 1.9% |
| 11 | Aster | $530.00M | 1.3% |
| 12 | Lighter | $349.85M | 0.8% |
| 13 | Kraken | $201.23M | 0.5% |
| 14 | dYdX | $16.86M | 0.0% |
Open interest history
- Start
- $36.26B
- Latest
- $41.48B
- High
- $42.09B
- Low
- $35.65B
Hourly averages of 15-minute snapshots.
24h BTC liquidations
$172.85M liquidated in the last 24 hours, as of 22 Sept 2026, 16:45 UTC.
Long liquidations
$14.71M
forced sells on the way down
Short liquidations
$158.14M
forced buys on the way up
How to read open interest with price
Open interest measures participation, not direction. A dollar of OI is one dollar of a long matched with one dollar of a short. What makes it useful is watching whether OI rises or falls while price moves, because that tells you whether the move is being driven by new positions or by old ones being closed.
Price up, OI up
New longs are opening and pushing price. The trend is being funded by fresh leverage - strong while it lasts, but the fuel for a squeeze if it reverses.
Price down, OI up
New shorts are opening into the decline. Bearish conviction is building, and a short squeeze becomes more likely if price stabilises.
Price up, OI down
Shorts are covering, not longs opening. Rallies on falling OI are often short-lived because no new money is behind them.
Price down, OI down
Longs are closing or being liquidated. This is deleveraging - painful, but it often marks a local low once the forced selling is done.
Combine OI with the funding rate: rising OI and rising funding means the new positions are longs paying to stay in. Rising OI with negative funding means shorts are piling in. Extreme readings on both at once are where liquidation cascades start, and the 24-hour liquidation figures above show which side has just been caught.
The exchange breakdown matters too. Binance typically holds the largest share of BTC perpetual OI, so a move in its number dominates the total, while a rapid rise on a smaller venue can flag where new leverage is concentrating.
Open interest FAQ
What is Bitcoin open interest?
Open interest (OI) is the total value of all open perpetual futures contracts that have not yet been closed or liquidated, measured here in US dollars. Every contract has a long and a short side, so OI counts each position once. It tells you how much leveraged money is currently in the market, not which direction it is betting.
Is rising open interest bullish or bearish?
On its own, neither. OI only says that new positions are being opened. Read it with price: rising OI with rising price means new longs are driving the move; rising OI with falling price means new shorts are. Falling OI means positions are being closed, either voluntarily or through liquidation, and moves on falling OI tend to be less durable.
What does a sharp drop in open interest mean?
A fast drop in OI is deleveraging: a large number of positions being closed at once, usually through cascading liquidations after a sharp price move. It often marks a local extreme, because the traders who were forced out are no longer there to sell (or buy) further.
Which exchanges are included?
The total is the sum of BTC perpetual open interest across the major venues we track, currently Binance, Bybit, Gate, Hyperliquid, OKX, Bitget, HTX, Deribit, Bitunix, Bitfinex, Aster, Lighter, Kraken and dYdX. The breakdown table shows each exchange's share of the total.
What are long and short liquidations?
A liquidation happens when a leveraged position's losses exhaust its margin and the exchange force-closes it. Long liquidations are forced sells that happen when price falls; short liquidations are forced buys when price rises. A lopsided 24-hour figure shows which side was caught out by the latest move.
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BTC funding rate
Who is paying whom to hold leverage, live and over 30 days.
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Open interest is USD notional summed across the exchanges listed in the breakdown. Liquidation totals are a 24-hour rolling figure. Figures are informational and not trading advice. History shown from 23 Aug 2026.