Open interest · live
Open interest by exchange: who holds the leverage?
Open interest is the value of futures positions still open. This page splits it for 20 major coins across Binance, Bybit, OKX, Gate and Hyperliquid, with each exchange's share, and compares funding rates across four exchanges. It is the reason our liquidation heatmaps combine several exchanges instead of one.
Snapshot 23 Oct 2026, 18:52 UTC. Open interest of these 20 coins on the five exchanges: $51.05B. Binance 33%, Hyperliquid 20%, Gate 19%; the other two together 28%. A map built from Binance alone would see 33% of this leverage.
By exchange
| Exchange | Open interest | Share | Coins covered | 24h change |
|---|---|---|---|---|
| Binance | $17.03B | 33.4% | 20 of 20 | -1.5% |
| Hyperliquid | $10.28B | 20.1% | 20 of 20 | +1.7% |
| Gate | $9.48B | 18.6% | 20 of 20 | -2.4% |
| Bybit | $9.30B | 18.2% | 20 of 20 | 0.0% |
| OKX | $4.95B | 9.7% | 19 of 20 | -0.3% |
USDT-margined perpetuals. Bybit reports open interest in coins, converted at its own price; Gate in contracts, converted to coins; Hyperliquid is an on-chain exchange and we collect it from 22 October 2026. The 24-hour change compares the same exchange and coin now and a day ago, so a difference in coverage does not distort it.
By coin
| Coin | Total OI | Binance | Bybit | OKX | Gate | Hyperliquid |
|---|---|---|---|---|---|---|
| BTC | $23.24B | 32% | 22% | 11% | 20% | 16% |
| ETH | $13.37B | 42% | 14% | 11% | 14% | 19% |
| SOL | $3.20B | 27% | 20% | 10% | 25% | 18% |
| HYPE | $2.60B | 12% | 8% | 4% | 13% | 62% |
| ZEC | $1.83B | 30% | 9% | 7% | 21% | 33% |
| XRP | $1.27B | 32% | 21% | 7% | 22% | 18% |
| NEAR | $965.8M | 27% | 19% | - | 21% | 33% |
| BNB | $786.4M | 53% | 13% | 8% | 21% | 5% |
| DOGE | $703.2M | 31% | 16% | 14% | 27% | 13% |
| UNI | $415.4M | 38% | 14% | 9% | 23% | 16% |
| SUI | $400.8M | 26% | 21% | 8% | 32% | 13% |
| ENA | $380.6M | 27% | 19% | 4% | 21% | 28% |
| LINK | $348.3M | 28% | 19% | 7% | 29% | 17% |
| WLD | $347.5M | 27% | 22% | 11% | 12% | 27% |
| ADA | $259.6M | 27% | 21% | 10% | 30% | 12% |
| AVAX | $252.1M | 37% | 25% | 6% | 24% | 7% |
| AAVE | $245.8M | 23% | 21% | 6% | 25% | 24% |
| TAO | $210.2M | 31% | 16% | 9% | 23% | 21% |
| ARB | $150.8M | 34% | 21% | 13% | 20% | 13% |
| INJ | $82.2M | 32% | 24% | 6% | 28% | 10% |
The split differs by coin: some coins trade mostly on one exchange, others are spread more evenly. Each coin links to its own open interest chart.
Funding rates across four exchanges
For the 48 coins listed on Binance, Bybit, OKX and BingX at once (rates normalized to 8 hours):
| Exchange | Average rate per 8 h | Highest rate on | Lowest rate on |
|---|---|---|---|
| Binance | -0.0457% | 17 coins | 16 coins |
| Bybit | -0.0505% | 12 coins | 11 coins |
| OKX | -0.0544% | 5 coins | 19 coins |
| BingX | -0.0576% | 14 coins | 2 coins |
The same coin pays different funding on different exchanges at the same moment. Where the gap is wide enough to cover fees, that is the opening for funding rate arbitrage; every coin and its spread is on the funding rate table, and what a funding rate is is explained with data from 1.8 million payments.
Liquidations by exchange: why there is no comparison
We receive live liquidations from Binance and Bybit only. Binance publishes at most one liquidation per symbol per second, so its totals are understated compared with what really happened, and a split between the two exchanges would mislead. Live totals and the largest individual liquidations are on the liquidations page. Open interest is the share we can measure on all five.
Why the split matters
- One exchange sees only part of the leverage. A liquidation map from a single venue misses the positions on the rest. The aggregated liquidation heatmap combines the exchanges and shows each one's share of the modeled levels.
- Different exchanges, different behavior. Positions on a decentralized exchange like Hyperliquid, on a retail-heavy venue and on a derivatives-first venue do not move together.
- Open interest share is not volume share or user share. It tells where positions sit, not where trading happens.
Limits of this view
- Five exchanges, 20 coins, USDT-margined perpetuals - not the whole market (coin-margined, options and other exchanges are not included).
- Hyperliquid has no open interest history in its API, so our history starts when we began collecting; the current snapshot is complete.
- A single moment: shares move with price and positions, so the ranking can change within a day.
FAQ
Which exchange has the most open interest?
Among the five we track, Binance holds the largest share across these 20 coins right now: 33% of $51.05B. The ranking can differ by coin and over time.
Why does the share of open interest by exchange matter?
A liquidation map built from one exchange misses the leverage that sits on the others. If one exchange holds a third of a coin's open interest, a map from that exchange alone misses two thirds of the positions that could be forced out. That is why our liquidation heatmaps combine five exchanges.
Is open interest the same as trading volume or market share?
No. Open interest is the value of positions still open at one moment. Volume counts everything traded in a period. An exchange can have a large share of open interest with a smaller share of volume, and the reverse.
Why are funding rates different between exchanges?
Each exchange computes the rate from its own perpetual price, its own spot index, its own interest component and caps, and has different traders. The gap on the same coin at the same moment is what funding rate arbitrage tries to capture.
Why are liquidations not compared by exchange here?
We receive liquidation feeds from Binance and Bybit only, and Binance publishes at most one liquidation per symbol per second, so its numbers are understated. A share comparison between the two would be misleading, so we do not show one.