Open Interest
Last updated 17 October 2026Last verified 17 October 2026
What is open interest?
The total number of derivative contracts, such as perpetuals, that are outstanding and not yet closed. Rising open interest signals new money and leverage entering a market; sharp drops often accompany liquidation cascades.
TradFi equivalentThe same measure used in listed futures, contracts outstanding and not yet closed. Rising open interest signals new leverage entering, while a sharp fall usually marks forced closure rather than voluntary exit.