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Derivatives · positioning

Bitcoin Open Interest

Open interest is the total value of Bitcoin futures and perpetual contracts currently open. It measures how much leverage is committed to the market and, read beside price, tells you whether a move is being backed by new positioning.

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What is Bitcoin open interest?

Open interest counts every contract that has been opened and not yet closed or settled. Unlike volume, which resets each period, open interest is a running level — it rises when new positions are opened and falls when positions are closed or liquidated.

How it is calculated

Each venue reports the notional value of its open contracts; the page follows an aggregate across tracked venues so a single exchange's listing or outage does not distort the level. Values are shown as a series over time.

How to read it

Rising open interest into a price move means new leverage is entering and backing the trend. Rising price with falling open interest suggests a move driven by shorts closing rather than fresh conviction. Sharp drops often mark liquidations flushing leverage out.

What it does not tell you

Open interest shows the size of leverage, not its direction — it must be read with funding and price. Aggregation also depends on which venues are covered. Live values and per-venue breakdowns are in the authenticated app.

Bitcoin open interest — FAQ

What is the difference between open interest and volume?

Volume counts contracts traded in a period and resets; open interest is the running total of contracts still open, so it measures committed positioning rather than activity.

Is rising open interest bullish or bearish?

Neither on its own. Rising open interest confirms that new leverage is backing the current move; whether that is bullish or bearish depends on price direction and funding.

Why does open interest fall suddenly?

Sharp drops usually reflect positions being closed or liquidated together, often during a fast price move that flushes leverage out of the market.

Which venues are included?

The page follows an aggregate across the venues we track, which is more robust than any single exchange; the authenticated app exposes the per-venue detail.

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