M Open Interest
All CoinsAggregated M USDT-perpetual open interest across major exchanges · refreshed every minute
M Open Interest History
M OI by Exchange
| Exchange | Open Interest | Share | 4h % | 24h % |
|---|---|---|---|---|
| Binance | $3.37M | 37.06% | +0.79% | +9.96% |
| Bybit | $2.00M | 22.02% | +2.03% | +2.03% |
| Bitget | $1.13M | 12.38% | -1.91% | -6.11% |
| Gate | $1.02M | 11.2% | -5.67% | -14.43% |
| Aster | $1.7K | 0.02% | +1.33% | -1.29% |
| KuCoin | $819.1K | 9.01% | -2.74% | -9.18% |
| MEXC | $123.4K | 1.36% | -4.52% | +5.05% |
| WhiteBIT | $631.9K | 6.95% | +0.96% | +10.58% |
About This Data: How Open Interest Is Measured
You are viewing M. The methodology below describes how this dataset is collected and computed for M and every other coin covered on CoinBoss.
Where the data comes from
Open interest (OI) on this page is collected every minute from 25 derivatives exchanges — including Binance, OKX and Bybit — via their public contract APIs, covering USDT-margined and coin-margined perpetuals and futures for BTC, ETH and 200+ other coins.
What each number means
Total OI is the USD notional value of all contracts currently open. It counts one side of each matched position: a $1M long matched against a $1M short adds $1M to OI, not $2M. 24h/4h change shows the percentage move over each window. The stacked chart breaks OI down by exchange; the matrix page shows coins × exchanges; the OI/Market Cap ratio contextualises derivatives exposure against spot size.
How it is calculated
OI notional = open contracts × contract size × mark price. Coin-margined OI is converted to USD at the current mark price. We poll each venue once per minute and timestamp every snapshot; changes are computed against the same venue's own prior value, so exchange coverage changes never fake a jump.
How to read it
1. Rising price with rising OI means new money is entering — the trend has participation.
2. Rising price with falling OI points to short covering: positions closing, weaker continuation.
3. A sudden OI drop alongside a liquidation spike (see our Liquidations page) marks forced deleveraging, which often precedes calmer price action.
Common misconceptions
High OI is not bullish by itself — every open long is matched by an open short, so OI measures commitment, not direction. Combine it with price and funding.
OI is not volume: volume counts turnover, OI counts what remains open.
Limitations
Coin-margined OI converted to USD inflates when the coin rallies and deflates when it falls, even with no position change — watch the coin-denominated series for those contracts. Some venues update OI with delay, and coverage is limited to our 25 listed exchanges.
Updates & versioning
Snapshots refresh every minute; the exchange list is documented and versioned on this page. Informational only — not investment advice.