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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 41 exchanges by current V/OI ratio.

Top Exchanges by Volume / OI Ratio

RankExchangeV / OI Ratio24h Volume (USD)Open Interest (USD)
1Pacifica12.60$1.01B$79.98M
2Hibachi6.48$17.65M$2.72M
3Markets by Kinetiq4.85$10.68M$2.20M
4RiseX4.36$25.10M$5.76M
5OKX3.76$22.68B$6.04B
6GRVT3.75$1.49B$396.07M
7Reya3.26$41.93M$12.88M
8Binance2.52$47.54B$18.89B
9Nado2.42$177.12M$73.24M
10Extended2.34$506.98M$216.46M
11BingX2.26$7.84B$3.47B
12WOOFi Pro2.15$80.44M$37.34M
13011.88$4.85M$2.57M
14Variational1.79$917.84M$511.44M
15Vest1.68$116.41M$69.24M
16Dreamcash1.64$63.45M$38.62M
17Lighter1.64$1.32B$805.09M
18Aster1.62$1.53B$945.13M
19MEXC1.38$13.34B$9.65B
20Gate.io1.34$11.15B$8.33B
21Bitget1.25$8.76B$7.03B
22Paradex1.23$16.62M$13.53M
23Trade[XYZ]1.21$3.49B$2.89B
24Bybit1.20$11.15B$9.32B
25EdgeX1.08$504.38M$468.42M
26Phoenix0.89$11.37M$12.76M
27Felix0.75$1.27M$1.71M
28Hyperliquid0.73$4.95B$6.81B
29Ostium0.65$92.08M$141.63M
30Phemex0.63$1.57B$2.49B

Last updated 2026-06-17T05:16:56.199295Z (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.