What open interest shows
Open interest is the outstanding quantity of derivative contracts that remain open under a venue's reporting convention. It describes participation and exposure, not whether traders are net bullish or bearish.
In this guide
How OI changes
OI generally rises when new counterparties create positions and falls when positions are closed or liquidated. Every contract has both a long and a short side.
Notional OI changes with price even if contract count is unchanged, so confirm the unit before comparing periods.
Read OI with price and funding
Rising price with rising OI can indicate new participation, while falling OI during a sharp move may reflect position reduction.
These are interpretations, not identities. Funding, volume, basis, and liquidation data are needed for context.
Frequently asked questions
Does high OI mean more longs than shorts?⌄
No. Each open contract has both sides.
Can OI predict price direction?⌄
Not by itself. It measures outstanding exposure, not direction.
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