How much levered exposure actually stands open — the size of the book every squeeze must move.
| Venue | Open interest | As of |
|---|---|---|
| Hyperliquid Perps | $7.4B | — |
| Aster Perps | $1.4B | — |
| Variational | $927.0M | — |
| Lighter Perps | $538.2M | — |
| Grvt Perps | $414.5M | — |
| Antarctic | $336.0M | — |
| QFEX | $196.7M | — |
| Lighter Robinhood Perps | $192.0M | — |
| GMX Solana | $185.0M | — |
| SoDEX Perps | $155.2M | — |
Open interest is the total notional value of derivative contracts that are currently open — positions opened and not yet closed or settled. It is not volume: volume counts turnover, open interest counts standing exposure. A market can do huge volume with flat open interest (day traders handing positions back and forth) or modest volume with rising open interest (fresh leverage entering and staying).
Rising open interest in a rising price means new longs are financing the move — a trend with fuel. Rising open interest in a falling price means new shorts are. The dangerous combination is open interest stretched far above its recent norm: the standing book is large, and whatever squeezes it out will move the whole book's size in a hurry. That is why open interest is usually read beside funding (the crowdedness of the book) and liquidations (the book unwinding).
This page embeds the platform's perp-venue open-interest snapshot — measured from the venues themselves, the same payload the Derivatives tab renders.
Trend the level, not the print: open interest breathes daily; the signal is a sustained build or a violent flush.
Pair it with price. Price up + OI up = new longs. Price down + OI up = new shorts. Price moves on FALLING OI are position closing, not conviction.
Compare across venues: concentration on one venue is a structural risk that shows up here before it shows up anywhere else.
The snapshot comes from the platform's perp-DEX engine (app/apis/perp_dexes), which reads open interest from the venues directly and is cached on the same schedule the Derivatives tab uses. A venue that does not answer is absent from the table; totals are never padded to look complete.
The total notional value of open derivative positions — exposure that stands until it is closed or settled. It measures the size of the levered book, not trading activity.
Volume is how much traded in a period; open interest is how much is still held. High volume with flat OI is churn; rising OI is fresh exposure entering.
Because it means new leverage is financing the current move. The larger the standing book, the larger the forced flow when it unwinds — which is why OI is read beside liquidations.
From the perp venues themselves, through the platform's own engine — the same snapshot the Derivatives tab renders. No third-party aggregate sits in between.
No. It sizes the battlefield, not the battle. Direction comes from flow; OI tells you how much flow a squeeze would have to push.