What Is Open Interest? How Traders Read It in Futures
Open interest shows how much money is currently “in play” in the futures market. Here's what this metric is and how to read it together with price.
What it is
Open interest (OI) is the number of open contracts that haven't been closed yet in futures or options. Every contract has a buyer and a seller, so OI rises when new positions are opened and falls when they're closed.
It's not the same as trading volume: volume counts all trades over a period, while OI shows how many positions are still open.
How to read it
| Price | OI | What it may mean |
|---|---|---|
| Rising | Rising | New money is entering the move |
| Rising | Falling | The rise is driven by shorts closing |
| Falling | Rising | New shorts are being opened |
| Falling | Falling | Positions are closing, interest is fading |
A sharp rise in OI with heavy leverage is a reason to be careful: such markets are prone to liquidation cascades and short squeezes.
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- OI is the number of open contracts, not trading volume.
- Read it together with price, not on its own.
- It's background, not a signal to enter.
Frequently asked questions
Where can I see open interest?
On crypto exchanges, in the futures data tab. For exchange-traded futures, on the exchange's website and in analytics services.
Does spot have open interest?
No. On spot you simply buy the asset; there are no contracts. OI exists only for derivatives.
Can I trade based on OI alone?
No. It's a supplementary metric. Decisions are made using your own system, with a stop-loss placed in advance.
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