M open interest live: chart and OI by exchange
Open interest in M perpetual futures totals $6.53M across 5 contributing markets, with Binance MUSDT holding 46.5% of it. The table lists 7 markets; excluded markets and markets with missing or stale OI do not contribute to this total. OI changed +0.77% in the last hour, +0.12% over 4 hours and -0.98% over 24 hours. Over the same 24 hours the price moved -0.28%: positions closed while price stayed flat. Matched 24h snapshots cover 5 / 5 current counted markets (100.0% of current counted OI). Their implied USD change is -$65K. Among matched markets, Binance has the largest venue increase (+$8,940) and KuCoin has the largest venue decrease (-$31K). These implied changes in USD-valued open interest use the displayed 24h snapshots and reflect price as well as position quantities.
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 | $3.04M | 46.5% | +1.05% | +0.60% | +0.30% +$8,940 |
+0.85% | -0.28% | 0.0276% | $717K | Trade |
| Bybit MUSDT | $1.26M | 19.2% | +0.93% | +0.10% | -1.50% -$19K |
+0.69% | -0.46% | 0.0100% | $231K | Trade |
| KuCoin MUSDTM | $863K | 13.2% | -0.11% | -1.43% | -3.49% -$31K |
+0.88% | -0.31% | 0.0100% | $560K | Trade |
| Bitget MUSDT | $705K | 10.8% | +0.49% | +0.15% | -0.04% -$313 |
+0.68% | -0.32% | 0.0100% | $142K | Trade |
| Gate M_USDT | $666K | 10.2% | +0.70% | -0.02% | -3.35% -$23K |
+0.81% | -0.28% | 0.0100% | $365K | Trade |
| MEXC M_USDT | $72K * | — | +0.87% | -0.98% | -2.97% — |
+0.80% | -0.37% | 0.0282% | $106K | Trade |
| Aster MUSDT | $8,507 | — | +0.60% | +0.05% | +3.02% — |
+0.88% | -0.11% | 0.0100% | $9,552 | Trade |
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M open interest
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M open interest in M
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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
The current M OI total includes public API data from Binance, Bitget, Bybit, Gate and KuCoin. Current coverage: 5 exchanges (MEXC excluded; Aster no OI data) · see coverage. Excluded venues remain visible per market but contribute neither to the combined total nor to row shares. Markets with missing or stale OI also have no share. OI 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.
Is this aggregated M open interest?
Yes. The headline figure and the M open interest chart sum eligible tracked M perpetuals; the current total includes Binance, Bitget, Bybit, Gate and KuCoin ($6.53M now). Current coverage: 5 exchanges (MEXC excluded; Aster no OI data) · see coverage. Excluded venues remain visible per market but contribute neither to the combined total nor to row shares. Markets with missing or stale OI also have no share; historical coverage can vary, with history since 27 Sep. The same series is free as JSON from /api/series/oi.
Which M perpetual contract has the most open interest?
Right now Binance (MUSDT) is the largest M perpetual market, with $3.04M or 46.5% of the $6.53M tracked total. This compares individual eligible contracts with current OI data. The table above lists all 7 markets with their OI, 1h, 4h and 24h changes and funding.
Where can I compare open interest across coins?
The crypto open interest table ranks every perpetual by OI with 1h, 4h and 24h changes, the OI change screener finds the biggest moves, and Hyperliquid open interest covers the on-chain exchange on its own.