Open interest / recorded depth

Calculation. OI / (bid depth + ask depth) and OI / min(bid depth, ask depth) are dimensionless multiples, not percentages. Both sides cover the recorded ±1% mid-price band. Each market uses only its own venue’s depth; there is no all-venue aggregation. Ties sort by base, venue, symbol and market ID.

Matching and coverage. Only a unique perpetual identity per base/venue with a known USDT symbol is used; symbol or margin collisions are excluded. We choose the latest completed recorded book, then OI at that bucket or exactly 5 minutes earlier. Missing, nonfinite or nonpositive OI/depth and either 1% truncation bit exclude the market. Zero is recorded separately from missing data. Books older than 15 minutes are delayed; books absent from the last hour are missing. Fresh OI selection uses the latest completed observation in the last 15 minutes. Results cache for 120 seconds; failed reads cache for 30 seconds.

Limits. Book depth is cancellable and five-minute sampling misses intervening orders. This ratio does not estimate liquidations, crash size or leverage and is not a liquidation prediction. A high multiple describes observed OI relative to resting depth, not the amount that will trade. Data comes from exchange public APIs already recorded by Swolecharts.