What does open interest by exchange measure?
It measures the notional value of perpetual futures positions that remain open on each venue. It is outstanding exposure, not the amount traded during the day.
Open Interest by Exchange
Open interest breakdown for all exchanges
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Rank | Exchange | Total OI ↓ | Market Share | Symbols | Top Symbol | Open Interest (24h%) | Last 7d Open Interest | Trade |
|---|
| #1 |  Binance | $25.75B | 22.49% | 696 | BTC | +5.74% | ||
| #2 |  MEXC | $12.79B | 11.17% | 1142 | BTC | +5.18% | ||
| #3 |  Bybit | $12.03B | 10.51% | 863 | BTC | +4.67% | ||
| #4 |  Gate.io | $11.18B | 9.77% | 935 | BTC | +3.81% | ||
| #5 |  Hyperliquid | $9.67B | 8.44% | 177 | BTC | +9.64% | ||
| #6 |  Bitget | $8.68B | 7.58% | 817 | BTC | +7.68% | ||
| #7 |  OKX | $7.36B | 6.42% | 599 | BTC | +3.67% | ||
| #8 |  KuCoin | $5.65B | 4.94% | 674 | BTC | -0.02% | ||
| #9 |  HTX | $4.17B | 3.64% | 240 | BTC | +3.76% | ||
| #10 |  BingX | $4.01B | 3.50% | 485 | BTC | -5.56% | ||
| #11 | ![Trade[XYZ]](/hip3/tradexyz.jpg){kind=small} Trade[XYZ] | $3.70B | 3.23% | 101 | SP500 | -6.10% | ||
| #12 |  Phemex | $2.11B | 1.84% | 128 | BTC | +1.17% | ||
| #13 |  Crypto.com | $1.77B | 1.54% | 366 | ETH | +4.74% | ||
| #14 |  Aster | $1.16B | 1.01% | 535 | BTC | +4.45% | ||
| #15 |  Lighter | $1.01B | 0.89% | 229 | BTC | -0.11% | ||
| #16 |  Variational | $744.76M | 0.65% | 543 | BTC | +4.08% | ||
| #17 |  EdgeX | $564.26M | 0.49% | 151 | BTC | +1.18% | ||
| #18 |  GRVT | $437.27M | 0.38% | 171 | BTC | +5.20% | ||
| #19 |  Coinbase US | $384.86M | 0.34% | 29 | BTC | +1.92% | ||
| #20 | Coinbase International | $225.74M | 0.20% | 150 | BTC | -1.00% |
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FAQs
Open interest by exchange questions
Use the rankings above to compare outstanding perpetual futures positions, market share, and symbol concentration by venue.
How is exchange open interest different from trading volume?
Volume counts notional that changed hands during a period, while open interest counts positions still outstanding. A market can trade heavily without retaining much exposure, or hold large exposure with modest turnover.
What does rising open interest on an exchange mean?
It means outstanding perpetual exposure increased. That can reflect new positions or larger existing positions, but open interest alone does not reveal whether traders are net bullish or bearish.
What is perpetual futures open-interest market share?
It is an exchange's tracked open interest divided by the aggregate across supported venues. Market share helps show where positions are concentrated, but it is not a direct measure of execution quality.
How should exchange open-interest rankings be used?
Use them to identify venues and symbols carrying meaningful exposure, then compare changes with price, funding, volume, and liquidations to understand how positioning is evolving.