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	Coinbase International	28.97	$6.57B	$226.69M
2	Kalshi	11.56	$147.15M	$12.73M
3	Reya	7.41	$90.49M	$12.21M
4	Decibel	5.70	$24.89M	$4.36M
5	Pacifica	5.46	$584.98M	$107.24M
6	Hibachi	4.32	$15.03M	$3.48M
7	Bullet	3.41	$4.60M	$1.35M
8	RiseX	3.08	$103.16M	$33.51M
9	OKX	2.94	$18.17B	$6.18B
10	Binance	2.52	$49.20B	$19.52B
11	Ondo Perps	2.35	$175.68M	$74.66M
12	Extended	2.29	$421.46M	$183.79M
13	Paragon	2.01	$5.81M	$2.88M
14	BingX	1.97	$5.21B	$2.65B
15	Coinbase US	1.88	$385.71M	$205.68M
16	Phoenix	1.58	$48.85M	$30.89M
17	Aster	1.54	$1.44B	$935.95M
18	Nado	1.41	$87.94M	$62.37M
19	QFEX	1.36	$97.06M	$71.25M
20	GRVT	1.32	$454.48M	$344.30M
21	Trade[XYZ]	1.32	$4.66B	$3.53B
22	Lighter	1.29	$1.12B	$869.70M
23	Markets by Kinetiq	1.18	$5.36M	$4.55M
24	MEXC	1.11	$11.10B	$9.99B
25	Variational	1.09	$682.24M	$628.54M
26	01	1.08	$1.88M	$1.73M
27	Hotstuff	1.05	$3.97M	$3.78M
28	Bybit	0.95	$9.30B	$9.78B
29	Vest	0.89	$59.04M	$66.01M
30	Bitget	0.89	$6.36B	$7.14B

Last updated 2026-08-01T07:31:33Z (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.