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On top of any exchange
| Exchange | Open Interest | 24h Change | 7d Change | Share |
|---|---|---|---|---|
 |
$11.13B | -5.2% | +3.2% | |
 |
$5.05B | -6.5% | +13.2% | |
 |
$4.67B | -4.8% | +5.5% | |
 |
$3.89B | -8.2% | -8.7% | |
 |
$3.13B | -0.4% | -4.1% | |
 |
$2.90B | -0.1% | +2.2% | |
 |
$2.68B | -7.9% | -0.9% | |
 |
$2.33B | -2.1% | +0.8% | |
 |
$1.71B | -6.9% | +0.7% | |
 |
$1.35B | -5.6% | -17.8% | |
 |
$354.9M | +6.3% | +10.3% | |
 |
$335.4M | +3.5% | +13.1% | |
 |
$48.3M | -1.0% | +11.9% | |
 |
$38.4M | +1.4% | -6.3% | |
 |
$17.9M | -7.4% | +4.9% |
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Bitcoin open interest is the total notional value of every outstanding BTC perpetual contract across the exchanges PerpDexWars tracks — a direct measure of how much capital is deployed in leveraged Bitcoin positions right now. When OI rises, new money is entering the market; when it falls, positions are being closed or liquidated. Read against price, the direction of OI is one of the clearest signals of whether a move is driven by fresh conviction or by forced exits.
The per-exchange breakdown matters because concentration is risk. A market where most BTC open interest sits on one exchange is more fragile than one spread across many — a single outage or liquidation cascade there can move the whole market. Tracking which exchanges are growing or shrinking their share over 24 hours and 7 days shows where leverage is accumulating and where it is draining.
The history chart auto-scales to the recent range, so day-to-day changes in total Bitcoin OI stay visible even when the absolute number barely moves in percentage terms. Green bars mark sessions where OI rose versus the prior reading, red where it fell — a quick read on whether leverage has been building or unwinding over the selected window.
Bitcoin open interest is the total USD notional value of all outstanding BTC perpetual futures contracts that have not been settled or closed. It measures how much capital is actively deployed in leveraged Bitcoin positions across every exchange PerpDexWars tracks.
No single exchange shows the full picture. OI spread across many exchanges means the market is broadly capitalized; OI concentrated on one exchange creates fragility, since a liquidation event or outage there can cascade into the wider market. The per-exchange breakdown shows exactly where BTC leverage is building.
Rising OI means new positions are opening — fresh money entering the market. Falling OI means positions are closing, by choice or through liquidation. When OI rises alongside price it usually signals a trend backed by conviction; when OI falls as price rises it often signals a short squeeze rather than organic buying.
It is the combined open interest of the perp DEX venues — Hyperliquid, Lighter, Extended, Pacifica, Variational and Nado — divided by total BTC open interest across all tracked exchanges. A rising PerpDEX share shows leverage migrating on-chain from centralized venues.
The aggregate and per-exchange figures refresh every 30 seconds from live exchange feeds. The 24h and 7d change figures are computed against database snapshots taken every 5 minutes, so they reflect a precise historical reference rather than a rolling estimate.