Traders Window
Open interest, live
How much money sits in open futures positions right now, and whether it's arriving or leaving. Read together with price, it shows who is driving the move.
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| Reading (24h) | |||||
|---|---|---|---|---|---|
| Loading live data from Binance… | |||||
What open interest is
Open interest is the total value of futures contracts that are still open: every long has a short on the other side, and the pair counts once. It rises when traders open new positions and falls when they close them or get liquidated. Here it's shown in dollars, at the current mark price. The longer explanation is in what is open interest.
Reading open interest with price
| Price | Open interest | Reading | What it usually means |
|---|---|---|---|
| Up | Up | New longs | Fresh money is buying with leverage. The move has fuel, but also more positions that can be liquidated if it turns. |
| Up | Down | Short covering | Shorts are closing or being squeezed. These rallies can be sharp but often fade once the covering is done. |
| Down | Up | New shorts | Traders are betting on more downside. If the price bounces instead, they become the fuel for a squeeze. |
| Down | Down | Longs closing | Longs are giving up or being liquidated. Leverage is leaving the market, which often comes before a calmer phase. |
The Reading column applies this table to the last 24 hours. Changes under 1% in open interest or 0.5% in price count as flat. It's a description of what happened, not a prediction.
Good to know
- The data is from Binance only, the largest futures exchange but not the whole market.
- Because it's in dollars, open interest also rises when the price rises, even if no new contracts were opened. Big changes beyond the price move are what matter.
- Combine it with funding rates and the long/short ratio to see which side is crowded.
- Binance blocks its futures API in some countries, including the United States, so the data can't load there.
Traders Window shows the change in open interest next to the live price of each coin you follow, and flags it when it moves unusually fast. Free for Mac, floats over your charts.
Questions
What does rising open interest mean?
New positions are being opened. If the price is rising at the same time, new longs are usually driving it; if the price is falling, new shorts are. Either way, more leverage is building up.
What does falling open interest mean?
Positions are being closed or liquidated. A price rise with falling open interest is usually short covering; a fall with falling open interest is longs closing or getting liquidated.
Is open interest the same as volume?
No. Volume counts every contract traded in a period, open interest counts the contracts still open at a moment. One trader buying and another selling the same contract adds to volume, but changes open interest only if a position was opened or closed.
More free tools: Funding rates, Long/short ratio, Fear & Greed, Altcoin season, Economic calendar, Market hours.