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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
| Rank | Exchange | V / OI Ratio | 24h Volume (USD) | Open Interest (USD) |
|---|---|---|---|---|
| 1 | Pacifica | 12.59 | $998.70M | $79.35M |
| 2 | Hibachi | 6.34 | $17.69M | $2.79M |
| 3 | Markets by Kinetiq | 4.63 | $10.70M | $2.31M |
| 4 | RiseX | 4.35 | $25.12M | $5.78M |
| 5 | OKX | 3.83 | $23.05B | $6.02B |
| 6 | GRVT | 3.80 | $1.50B | $396.24M |
| 7 | Reya | 3.32 | $41.29M | $12.43M |
| 8 | Binance | 2.55 | $48.20B | $18.88B |
| 9 | Nado | 2.44 | $179.64M | $73.53M |
| 10 | Extended | 2.30 | $502.84M | $218.23M |
| 11 | BingX | 2.25 | $7.80B | $3.47B |
| 12 | WOOFi Pro | 2.18 | $81.63M | $37.36M |
| 13 | 01 | 1.92 | $4.91M | $2.56M |
| 14 | Variational | 1.81 | $923.54M | $511.12M |
| 15 | Lighter | 1.70 | $1.36B | $803.51M |
| 16 | Aster | 1.65 | $1.56B | $943.17M |
| 17 | Vest | 1.65 | $114.19M | $69.35M |
| 18 | Dreamcash | 1.63 | $63.07M | $38.80M |
| 19 | MEXC | 1.41 | $13.53B | $9.63B |
| 20 | Gate.io | 1.36 | $11.34B | $8.31B |
| 21 | Paradex | 1.28 | $17.29M | $13.46M |
| 22 | Bitget | 1.26 | $8.87B | $7.03B |
| 23 | Bybit | 1.22 | $11.33B | $9.29B |
| 24 | Trade[XYZ] | 1.21 | $3.49B | $2.89B |
| 25 | EdgeX | 1.08 | $508.73M | $469.27M |
| 26 | Phoenix | 0.87 | $11.22M | $12.83M |
| 27 | Felix | 0.78 | $1.23M | $1.57M |
| 28 | Hyperliquid | 0.73 | $5.01B | $6.83B |
| 29 | Ostium | 0.70 | $98.93M | $141.64M |
| 30 | Phemex | 0.63 | $1.57B | $2.49B |
Last updated 2026-06-17T04:40:37.923568Z (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.