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 41 exchanges by current V/OI ratio.

Top Exchanges by Volume / OI Ratio

Rank	Exchange	V / OI Ratio	24h Volume (USD)	Open Interest (USD)
1	Pacifica	10.70	$826.44M	$77.22M
2	QFEX	6.44	$212.00M	$32.93M
3	Hibachi	5.58	$15.71M	$2.82M
4	OKX	4.35	$26.83B	$6.17B
5	RiseX	3.77	$20.98M	$5.57M
6	Markets by Kinetiq	3.73	$13.55M	$3.63M
7	GRVT	3.35	$1.36B	$405.99M
8	Binance	2.96	$56.06B	$18.92B
9	01	2.71	$6.49M	$2.40M
10	Nado	2.65	$193.34M	$73.05M
11	Reya	2.62	$35.65M	$13.59M
12	Extended	2.47	$542.92M	$219.71M
13	Aster	2.35	$2.20B	$938.74M
14	Vest	2.12	$142.02M	$67.13M
15	WOOFi Pro	2.07	$81.28M	$39.29M
16	BingX	1.92	$7.49B	$3.91B
17	Variational	1.89	$919.06M	$485.08M
18	EdgeX	1.85	$849.70M	$460.45M
19	Lighter	1.83	$1.42B	$777.28M
20	Dreamcash	1.83	$69.60M	$38.13M
21	Gate.io	1.54	$13.01B	$8.47B
22	Bybit	1.51	$14.16B	$9.38B
23	MEXC	1.50	$14.14B	$9.41B
24	Phoenix	1.46	$12.93M	$8.83M
25	Bitget	1.44	$10.12B	$7.03B
26	Paradex	1.23	$15.02M	$12.24M
27	Trade[XYZ]	1.10	$3.14B	$2.86B
28	Hyperliquid	0.80	$5.35B	$6.68B
29	Hotstuff	0.77	$7.91M	$10.30M
30	HTX	0.68	$2.47B	$3.63B

Last updated 2026-06-15T23:10:35.815672Z (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.