Definition
#The most recent open interest fetched from the exchange for this perpetual contract: the number of open contracts, measured in units of the base asset (on BTCUSDT, in BTC). It is the exchange's raw value, not converted to dollars. BINANCE_PERPS and HYPERLIQUID only. Open interest does not exist on spot markets, where this field stays at 0.
Formula & calculation
#The exchange's raw
openInterest value, with no price conversion. It is polled about every 10 seconds on Hyperliquid; on Binance every perpetual is polled in turn within the exchange rate limit, so each contract refreshes roughly every 10 to 15 seconds.Units & range
Coins of the base asset (0 or more). Not dollars.
Interpretation
#The level is a stock of open positions; the change in it, tracked by OI Change %, is what shows positions opening or closing. Across symbols the raw level says little: 1,000 is 1,000 BTC on BTC, about $84 million at a BTC price of $84,000, but 1,000 tokens on a $0.01 coin, which is $10.
Practical usage
#Use it for context on one contract, not as a cross-market filter. To keep thin contracts out of a scanner, use Today Volume in $ and Liquidity score instead, since both mean the same thing on every symbol. To limit a scanner to perpetuals, use the Market filter. For positioning, read OI Change % together with Net Taker Imbalance.
Common mistakes
#Frequent interpretation traps and misuse patterns to avoid when applying this metric.
- Reading the value as dollars. It is in coins of the base asset.
- Applying one Open Interest floor across contracts with very different prices.
- Using it on BINANCE spot or COINBASE symbols. Open interest only exists on perpetual contracts (BINANCE_PERPS and HYPERLIQUID).