Hyperliquid open interest by coin, live.

What open interest tells you

Open interest is the value of all perpetual positions that are open right now. A trade opens a long and a short at the same moment, and the pair counts once. When a trader closes, the pair leaves the total. That is why open interest is a different thing from volume: volume is everything that traded, while open interest is what is still standing.

• Rising open interest means new positions are opening faster than old ones close: more money is committed to the market.
• Falling open interest means positions are closing: traders are taking profit, cutting losses or being liquidated.
• It has no direction. Every open long is matched by a short, so open interest alone never says whether the crowd is bullish. Pair it with price and funding.

A common reading: price up with open interest up means new money is backing the move; price up with open interest down often means shorts closing out, which tends to fade. Treat these as questions to ask, not signals to follow.

Open interest with funding

Open interest says how much is at stake; Hyperliquid funding says which side is paying to stay there. A market with large and growing open interest and rising positive funding is a crowded long: many traders on one side, paying for the privilege. When that unwinds, liquidations tend to arrive together. The funding column in the tables above sits next to open interest so the two can be read at a glance. For how funding is set and charged, read perpetual futures explained.

The maximum leverage column matters for the same reason. The higher a market's leverage limit, the less of a move it takes to liquidate positions in it. What a specific position would lose, and where it would be liquidated, is what the Hyperliquid calculator works out.

How to read the table

• Share of total. The market's open interest as a part of all Hyperliquid open interest. The top 3 figure above shows how concentrated it is right now.
• Volume / OI. 24-hour volume divided by open interest. At 1x, a day's trading equals the whole position base; well below 1x, most positions are being held rather than traded.
• Dollars, not coins. Open interest is shown in US dollars at the mark price, so it rises and falls with price even when no one trades. The coin amount is Hyperliquid's own figure; the conversion is ours.
• Max leverage. How much leverage Hyperliquid allows on the market; the max leverage guide lists every perp and its margin tiers.

Open interest over time, across venues

This page shows open interest right now on Hyperliquid. To see how it got there, open any Hyperliquid chart and add the Open Interest pane from the indicator search. It draws open interest under the price, summed across the venues the chart tracks, next to a Funding pane built the same way. Watching them together with price is the quickest way to tell a move that has new money behind it from one that has not. WatchCrypto also streams Binance and Bybit next to Hyperliquid in one layout.