📊 Futures OI Leverage Ratio Continues To Climb The Futures Open Interest Leverage Ratio for BTC...

BTC and ETH futures OI have contracted by $6B and $3.1B, respectively, since their peaks in November.

When looking at the total BTC OI across major crypto-native exchanges, we can see that there is about...$11Bn in current OI....When looking at the CME BTC OI, we can see a similar number as the CME accounts for nearly half of global...BTC OI....https://x.com/3xliquidated/status/1798020657609101628 It is safe to assume that a fair amount of CME OI...

...market is painting quite the bullish picture indeed… Outside of BTC, the biggest relative changes in OI...over the last week have been led by LINK, SOL, and WIF — with LINK’s OI jumping more than 40%....An example of this can be seen with $LINK and the OI increases over the last week, following last week...

An example of this can be seen with $WLD OI increases over the last week in conjunction the OpenAI Spring...Even with these OI increases, $WLD was unable to make any significant directional moves, indicating a...

And finally, we begin to see OI increase rapidly as price moves into our support region....This is interesting because the rapid OI increase actually came after the initial long liquidations....On October 28th, aggregate BTC OI was hovering around $20Bn with BTC trading around $67K....Aggregate BTC OI topped out around $23.5Bn, adding nearly $3.5Bn in two sessions.

Outside of BTC, the biggest relative changes in OI over the last week have been led by $PEOPLE, $NOT,...$WIF, $ETH and $SOL — with $PEOPLE OI jumping more than 60% at one point!...ETH spot ETF approval causing OI surge for ETH) or just technical-based market positioning.

Ethena already constitutes over 20% of ETH-PERP open interest (OI)....Consequently, in a world where ETH scales to $5000, at 30% of OI, USDe could theoretically support a...Therefore, assuming a 30% market share of BTC OI, this would allow USDe to safely add another $4.8B to...Similarly, BTC OI will simultaneously scale as BTC’s price scales.

Sticking with OI, we also notice that the total OI to Market Cap ratio for RARE is about 0.5.

Outside of BTC, the biggest relative changes in open interest (OI) over the last week have been led by...$SHIB, $NOT, and $PEOPLE, with $SHIB OI increasing nearly 50% before settling at around a 20% increase...

And finally, we begin to see OI increase rapidly as price moves into our support region....This is interesting because the rapid OI increase actually came after the initial long liquidations.

The Aave v3 USDC borrow rate was lower than the OI weighted average ETH perp funding rate 76% of the...While a high OI/volume ratio is a healthy sign of organic usage, it also suggests users have not yet...The race is not quite as close as the chart suggests; Contango OI includes margin plus borrowed, and...

And while the overall market has not recovered its risk appetite (illustrated by the weak OI recovery...Specifically with names like $SUI, with OI increasing nearly 150% in the last week.

Merkle seeks to balance its open interest (OI) skew via its funding mechanism....used to bring the mark price and oracle price into equilibrium, funding on Merkle is a function of the OI...User fees for a trade are also determined by the OI skew....For example, if the OI on the SOL market is $1 mn in longs vs $1.5 mn in shorts, those who short will...

Global OI has been steadily rising, growing by nearly 22% since October 2022....Global OI has now returned to levels last seen before the collapse of FTX....As those present at the time know all too well, the FTX collapse nuked global OI across the industry,...and the fallout weighed on OI levels and market participation for months.

Margin traders are affected by OI skews....Additionally, funding rates will be introduced to further balance OI....To balance OI skews, a system of price impact and funding rates is introduced....If OI is skewed in a particular direction (for example, long), traders will be encouraged to take the...Borrowing fees affect levered traders, regardless of OI skew.

Most exchanges charge funding rates that swing based on OI imbalances, making the cost of holding a position...) ​ $223K - $4.3M​ $10 - $100M (Capped by max OI)​ Slippage on $100K Fill​ 5 - 59 bps​ 1 - 5 bps​...OI caps across every asset became constrained by how much volatility OLP could be subject to.

...that during trending moves and local price peaks, the market cap of the industry increases alongside OI...However, during choppy market environments, market cap tends to be more stagnant while OI continues to...about the unlock subsided, there were several days of significant price increases while open interest (OI...

We can clearly see last week’s market pullback in the OI % Change for many of the large cap altcoin charts...Many of these coins are now trading at OI levels last seen a few weeks ago… Which is something that...

Market Dynamics The aggregated open interest (OI) on LTC’s perpetuals rose from a low of $120M to a...The price rallied 128% from low to high, whereas OI increased by 216% over the same period....The increase in OI might seem a bit too high....However, we have to account for the fact that the OI low was measured after one of the biggest deleveraging...