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	12.60	$1.01B	$79.98M
2	Hibachi	6.48	$17.65M	$2.72M
3	Markets by Kinetiq	4.85	$10.68M	$2.20M
4	RiseX	4.36	$25.10M	$5.76M
5	OKX	3.76	$22.68B	$6.04B
6	GRVT	3.75	$1.49B	$396.07M
7	Reya	3.26	$41.93M	$12.88M
8	Binance	2.52	$47.54B	$18.89B
9	Nado	2.42	$177.12M	$73.24M
10	Extended	2.34	$506.98M	$216.46M
11	BingX	2.26	$7.84B	$3.47B
12	WOOFi Pro	2.15	$80.44M	$37.34M
13	01	1.88	$4.85M	$2.57M
14	Variational	1.79	$917.84M	$511.44M
15	Vest	1.68	$116.41M	$69.24M
16	Dreamcash	1.64	$63.45M	$38.62M
17	Lighter	1.64	$1.32B	$805.09M
18	Aster	1.62	$1.53B	$945.13M
19	MEXC	1.38	$13.34B	$9.65B
20	Gate.io	1.34	$11.15B	$8.33B
21	Bitget	1.25	$8.76B	$7.03B
22	Paradex	1.23	$16.62M	$13.53M
23	Trade[XYZ]	1.21	$3.49B	$2.89B
24	Bybit	1.20	$11.15B	$9.32B
25	EdgeX	1.08	$504.38M	$468.42M
26	Phoenix	0.89	$11.37M	$12.76M
27	Felix	0.75	$1.27M	$1.71M
28	Hyperliquid	0.73	$4.95B	$6.81B
29	Ostium	0.65	$92.08M	$141.63M
30	Phemex	0.63	$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.