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Crypto Perpetual Futures Volume / Open Interest Ratio by Exchange
The Volume / Open Interest (V/OI) ratio measures how actively perpetual futures positions turn over on each exchange. A V/OI ratio above 1.0 means more volume traded in 24 hours than is currently held in open positions — indicative of high-frequency day trading. A ratio below 1.0 means open positions are turning over more slowly, typical of swing or carry traders. The table below ranks 43 exchanges by current V/OI ratio.
Top Exchanges by Volume / OI Ratio
| Rank | Exchange | V / OI Ratio | 24h Volume (USD) | Open Interest (USD) |
|---|---|---|---|---|
| 1 | Kalshi | 33.50 | $977.90M | $29.20M |
| 2 | Coinbase International | 30.96 | $7.65B | $247.20M |
| 3 | Hibachi | 12.04 | $22.86M | $1.90M |
| 4 | Decibel | 11.53 | $51.04M | $4.43M |
| 5 | Pacifica | 8.61 | $760.88M | $88.40M |
| 6 | Reya | 7.57 | $118.11M | $15.61M |
| 7 | Bullet | 6.63 | $6.52M | $984258 |
| 8 | Nado | 4.74 | $358.10M | $75.52M |
| 9 | 01 | 3.65 | $3.22M | $882795 |
| 10 | Extended | 3.60 | $597.38M | $165.95M |
| 11 | Coinbase US | 3.26 | $979.61M | $300.31M |
| 12 | OKX | 3.22 | $23.55B | $7.32B |
| 13 | TxFlow | 3.01 | $76.37M | $25.35M |
| 14 | EdgeX | 2.77 | $1.60B | $576.74M |
| 15 | Binance | 2.55 | $64.21B | $25.21B |
| 16 | Aster | 2.37 | $2.76B | $1.16B |
| 17 | Variational | 2.22 | $1.86B | $835.32M |
| 18 | BingX | 2.00 | $6.02B | $3.00B |
| 19 | Markets by Kinetiq | 1.96 | $11.79M | $6.01M |
| 20 | Lighter | 1.62 | $1.72B | $1.07B |
| 21 | RiseX | 1.56 | $86.75M | $55.45M |
| 22 | QFEX | 1.47 | $329.64M | $224.45M |
| 23 | Ondo Perps | 1.46 | $125.80M | $86.08M |
| 24 | Bluefin | 1.45 | $1.19M | $820274 |
| 25 | Gate.io | 1.31 | $15.40B | $11.75B |
| 26 | Bybit | 1.24 | $14.87B | $11.95B |
| 27 | GRVT | 1.21 | $513.87M | $424.79M |
| 28 | Bitget | 1.06 | $9.06B | $8.52B |
| 29 | MEXC | 1.05 | $11.96B | $11.40B |
| 30 | WOOFi Pro | 0.97 | $34.56M | $35.50M |
Last updated 2026-09-15T14:24:25Z (UTC).
How to Read the Volume / OI Ratio
- High V/OI (> 2): Aggressive day trading, frequent rebalancing, often on retail-heavy venues or new perp listings.
- Moderate V/OI (0.5–2): Typical balanced flow on mature CEX and DEX perps.
- Low V/OI (< 0.5): Slow-turnover positions; common on funding-arbitrage or institutional venues where carry trades dominate.