BTC Open Interest: $8.48B
How much money is currently tied up in bitcoin bets that have been placed and not yet closed. Rising means more borrowed money is riding on the price; a sudden drop means a lot of bets were closed or wiped out at once.
The total dollar value of bitcoin futures bets that are still open right now. Each bet is counted once, not once for each side.
Rising while the price rises means fresh money is piling in. Rising while the price stays flat means borrowed money is stacking up with nothing to show for it, which has often ended in a sharp move.
For example, a fall from $38 billion to $32 billion in one day means about $6 billion of bets disappeared in 24 hours — that is what a wave of forced closures looks like from the outside.
Taken as Binance publishes it for its bitcoin perpetual market (a bet on the price that **never** expires), converted to US dollars and stored by us as it arrives.
One exchange **only**, so this is a large slice of the market rather than all of it. It shows how big the open bets are, not which way they lean.
Binance public API · real-time, accumulating in our warehouse