Crypto Perpetual Futures Volume / Open Interest Ratio by Exchange
Compare 24-hour perpetual futures trading volume with open interest across exchanges. A ratio of 2x means the volume traded over the last day was twice the value of open positions. The ratio measures trading activity relative to positions; it does not predict price direction.
- Aggregate volume / OI
- 1.64x
- 24h volume
- $187.90B
- Open interest
- $114.69B
- Exchanges
- 46
Last updated (UTC).
Reading the ratio
A higher ratio indicates more trading relative to open positions. A lower ratio indicates less turnover. Compare the same exchange over time and consider volume and open interest together when interpreting a change.
Volume / open interest ratio questions
What is the volume / open interest ratio?
It compares perpetual futures trading volume over a rolling window with open interest at each point in time. The ratio is shown as a multiplier: 2x means volume traded over the window was twice the reported value of open positions.
How is the rolling window calculated?
This view uses a one-day rolling window. At each timestamp, volume over the preceding 24 hours is divided by open interest at that timestamp. The date range changes the period displayed in the chart and heatmap; it does not change the one-day calculation window.
How should I read the chart and heatmap?
The chart plots the ratio over time for each exchange. The heatmap uses the same data, with a row for each UTC timestamp and a column for each exchange. Green highlights mark the highest ratios in each row, showing which venues had the most trading relative to their open interest.
How do I interpret high and low ratios?
Higher ratios indicate more turnover relative to open positions. Lower or steadier ratios indicate less turnover. Read the ratio alongside volume and open interest charts; it is context for market activity, not a standalone signal of price direction.
Are ratios comparable across exchanges?
Only approximately. Venues differ in contract coverage, reporting frequency, and how they convert volume and open interest to USD. Use the figures to compare trends while accounting for these differences, rather than for exact cross-exchange accounting.
Exchange data snapshot