Open interest tells you how many futures contracts are still open. Not which side is winning.
Binance USDT perps at 09:30 (UTC+7):
- $BTC about 7.48B USD
- $ETH about 5.46B USD
- SOL about 0.86B USD
- ZEC about 0.53B USD
- BNB about 0.41B USD
How it works:
- Every open contract has a long and a short. OI counts contracts, not sides.
- OI up: new positions are opening. New money, new leverage.
- OI down: positions are closing, by choice or by liquidation.
How I read it with price:
- Price up, OI up: new positions push the move. Strong, but leverage builds.
- Price up, OI down: shorts closing. Often a squeeze that fades.
- Price down, OI up: new shorts pressing, or longs adding into the drop.
- Price down, OI down: longs leaving. Often late in a flush.
Funding fills in the side. BTC funding is +0.0096% and ETH is -0.0035%, so ETH's open contracts lean short.
OI alone is never a signal. It shows how much fuel sits in the market.
Price up and OI up on BTC: real demand or just more leverage?
Binance USDT perps at 09:30 (UTC+7):
- $BTC about 7.48B USD
- $ETH about 5.46B USD
- SOL about 0.86B USD
- ZEC about 0.53B USD
- BNB about 0.41B USD
How it works:
- Every open contract has a long and a short. OI counts contracts, not sides.
- OI up: new positions are opening. New money, new leverage.
- OI down: positions are closing, by choice or by liquidation.
How I read it with price:
- Price up, OI up: new positions push the move. Strong, but leverage builds.
- Price up, OI down: shorts closing. Often a squeeze that fades.
- Price down, OI up: new shorts pressing, or longs adding into the drop.
- Price down, OI down: longs leaving. Often late in a flush.
Funding fills in the side. BTC funding is +0.0096% and ETH is -0.0035%, so ETH's open contracts lean short.
OI alone is never a signal. It shows how much fuel sits in the market.
Price up and OI up on BTC: real demand or just more leverage?
