Open Interest (OI)
Open interest (OI) is the notional value of open leveraged positions in a perpetual futures market. Every long has a matching short, so OI counts one side of that exposure.
OI is different from volume. Volume measures trading over a period. OI is a snapshot of positions that remain open.
High volume with flat or falling OI can mean fast opening and closing. Rising OI with rising volume can indicate that traders are keeping positions open.
OI is not proof of conviction or healthy liquidity. Some points programs count it, so check each program’s rules. See our pre-TGE farming roundup and Perpetuals category page. Options use the term differently; see options open interest.
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