How much exposure is still open?
See the outstanding exposure on the covered Bitcoin perpetual market. Compare BTC units with estimated dollar value so a rising price is not mistaken for an equal increase in open positions.
How this is measured ↓Loading the interactive view and its source dates…
Open interest is not trading volume
Volume counts traded contracts during a period, including repeated turnover. Open interest counts contracts still outstanding at an observation. A market can trade heavily without a lasting increase in open interest. It is also different from the Bitcoin balances held by an exchange.
This series describes the contract and exchange named above the chart. It should not be described as all-exchange or global Bitcoin open interest.
Why both BTC and USD views matter
For a contract reported in BTC, approximate USD notional equals open interest in BTC multiplied by a price aligned to that observation. If BTC-denominated interest stays unchanged while price increases 10%, the dollar estimate can rise about 10% without an increase in the BTC quantity.
The USD view is a valuation estimate, not money deposited, new inflows or collateral. Different exchanges use different contract units and counting conventions. Values cannot simply be added across venues without normalizing those definitions.
Combine open interest with settled funding
Funding tells you the periodic transfer between long and short holders. Open interest tells you the outstanding size. Put them alongside price to describe a market episode: for example, whether exposure grew while funding became more expensive. Read the funding chart ↗ for the distinction between estimated and settled rates.
A fall in OI may reflect voluntary closing, expiry for dated contracts or forced liquidation. This dataset cannot identify the cause of each change and is not a future liquidation heatmap.
Source and available history
Hyperliquid: BTC perpetual market context ↗ provides the current open-interest observation. Our historical OI collection starts when this collector launches; older OI history is not reconstructed from price or funding. A single observation is shown as a snapshot until enough points exist for a line. Missing intervals are not fabricated. When a source is delayed, the latest valid timestamp remains visible.