M open interest by exchange
USD · changes from 5-minute snapshots| Market | Open interest | Share | OI 1h | OI 4h | OI 24h | Price 1h | Price 24h | Funding 8h | 24h volume | Trade |
|---|---|---|---|---|---|---|---|---|---|---|
| Binance MUSDT | $4.93M | 45.9% | +2.51% | +1.98% | — | +2.32% | — | 0.0176% | $1.10M | Trade |
| Bybit MUSDT | $1.87M | 17.4% | +1.28% | -1.21% | — | +2.32% | — | 0.0770% | $623K | Trade |
| Bitget MUSDT | $1.64M | 15.3% | +2.73% | — | — | +2.49% | — | 0.0740% | $399K | Trade |
| KuCoin MUSDTM | $1.17M | 10.9% | — | — | — | — | — | 0.0784% | $2.62M | Trade |
| Gate M_USDT | $917K | 8.5% | +2.85% | — | — | +2.54% | — | 0.0100% | $405K | Trade |
| MEXC M_USDT | $208K | 1.9% | — | — | — | — | — | 0.0182% | $96K | Trade |
OI changes need history: the server records 5-minute snapshots since it started ~5h ago, so 1h values fill in after an hour and 24h values after a day. Trade links go to the exchange and may be referral links. Compare every coin on the open interest page.
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M open interest history
From recorded history, hourlyM open interest is up 40.4% since 13:15 UTC on 27 Sep, from $6.66M to $9.35M.
M open interest
All perps, USDNot recorded Chart: TradingView Lightweight Charts™
About the M open interest
What is M open interest?
Open interest (OI) is the total value of all open M perpetual futures positions, in USD. Every open contract has a long and a short side, so OI counts one side only. It rises when new positions open and falls when positions close or are liquidated.
How to read OI with price
OI up, price up: new positions opening as price rises, usually fresh longs. OI up, price down: fresh shorts. OI down, price up: shorts closing (a short squeeze if fast). OI down, price down: longs exiting or being liquidated. Large OI changes in a few hours show where leverage is building or unwinding in M.
Where the numbers come from
OI comes from the public APIs of Binance, Bybit and Hyperliquid and is converted to USD at the mark price, so part of an OI change can come from the price move itself. Changes compare the current value with 5-minute snapshots the server has recorded since it last started.