Open Interest

Open interest is the total number of outstanding derivative contracts (such as perpetual futures) that have not yet been settled or closed. Rising open interest alongside a price move indicates new positions entering the market; falling open interest indicates positions closing. Sharp open-interest contractions under price stress are a signature of forced deleveraging.

Bitcoin's USDⓈ-M perpetual open interest stood at $6,884,630,899.82 as of 2026-07-31.