In one day, QNT’s trading volume on Binance contracts reached $2.44 billion—it's easy to read it as: “$2.4 billion flowed in.” But the turnover measures how many times money rotated; it doesn’t tell you how much came in.
At 11:14 Beijing time, the 24-hour figures I saw: QNTUSDT perpetual trading volume was $2.44 billion. Binance’s spot with the same name traded only $234 million—about 10.4 times less. The perpetual price rose from 172.17 to 256.23, up 48.8%, and briefly touched 374.5 in the middle. The market is still swinging; these numbers can change within minutes.
Positions left on the books depend on open interest. Yesterday at 11:00, the QNT contract open interest value was $25.74 million; today at 11:00 it was $47.23 million. With $2.4 billion in volume, open interest only net increased by about $21.5 million—less than 1% of the trading value. Most of those $21.5 million came from the price increase: in coin count, open interest rose from 149,934 to 172,878, up 15.3%. And open-interest value is nominal— the margin behind it is actually even less.
The gap comes from turnover. In 24 hours, 11.27 million QNT were traded in the contracts. If you compare that to the highest open interest in the day—this morning at 5:00, when it peaked at 234,102—the trading volume was 48 times that figure. The “circulating supply” field attached to the open-interest interface (labeled from CMC) is 12.07 million QNT. The number of coins traded in the contract in one day was equivalent to 93.4% of the circulating supply.
The peak hour is the most typical. From 6 to 7, the price surged to 374.5. Contract trading volume was $354 million, but open interest dropped from 219,442 coins to 159,313 coins—a decrease of 27.4%. When the price is rising, open interest dropping sharply often corresponds to short liquidations being forced to close. But public APIs can’t distinguish liquidations from主动平仓 (actively closed positions), so this is my inference.
QNT’s $2.4 billion trading volume in a day corresponds to new positions added on the books of only about $21.5 million. A new all-time high in trading value indicates fast turnover; it doesn’t mean there’s “a lot of money.”
$QNT #QNT # contract
At 11:14 Beijing time, the 24-hour figures I saw: QNTUSDT perpetual trading volume was $2.44 billion. Binance’s spot with the same name traded only $234 million—about 10.4 times less. The perpetual price rose from 172.17 to 256.23, up 48.8%, and briefly touched 374.5 in the middle. The market is still swinging; these numbers can change within minutes.
Positions left on the books depend on open interest. Yesterday at 11:00, the QNT contract open interest value was $25.74 million; today at 11:00 it was $47.23 million. With $2.4 billion in volume, open interest only net increased by about $21.5 million—less than 1% of the trading value. Most of those $21.5 million came from the price increase: in coin count, open interest rose from 149,934 to 172,878, up 15.3%. And open-interest value is nominal— the margin behind it is actually even less.
The gap comes from turnover. In 24 hours, 11.27 million QNT were traded in the contracts. If you compare that to the highest open interest in the day—this morning at 5:00, when it peaked at 234,102—the trading volume was 48 times that figure. The “circulating supply” field attached to the open-interest interface (labeled from CMC) is 12.07 million QNT. The number of coins traded in the contract in one day was equivalent to 93.4% of the circulating supply.
The peak hour is the most typical. From 6 to 7, the price surged to 374.5. Contract trading volume was $354 million, but open interest dropped from 219,442 coins to 159,313 coins—a decrease of 27.4%. When the price is rising, open interest dropping sharply often corresponds to short liquidations being forced to close. But public APIs can’t distinguish liquidations from主动平仓 (actively closed positions), so this is my inference.
QNT’s $2.4 billion trading volume in a day corresponds to new positions added on the books of only about $21.5 million. A new all-time high in trading value indicates fast turnover; it doesn’t mean there’s “a lot of money.”
$QNT #QNT # contract