Top Results114 results
Inside the Ecosystem: Fueling Aptos' Global Trading Engine
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...
39 Min
Infrastructure
Jun 2025
The Future of Order-Book Liquidity (Part II - deUSD)
It is worth noting that given the inherent lack of liquidity and open interest (OI) on DEXs, Elixir will...
12 Min
Orderbook
May 2025
Market Musings - Knock, Knock, Knockin’ on ATH’s Door
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.
14 Min
Macro & Markets
Oct 2024
Market Musings - New Year, More Volatility
Bitcoin futures basis fell to negative terrain for the first time since August 2023, while notional OI...
13 Min
Macro & Markets
Jan 2025
Market Musings - A Tale of Two Markets
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.
12 Min
Macro & Markets
Sep 2024
Market Musings - Crypto's Apathetic Recovery
Sticking with OI, we also notice that the total OI to Market Cap ratio for RARE is about 0.5.
11 Min
Macro & Markets
Aug 2024
64 Min
Macro & Markets
Jun 2025
Market Musings - No Pain, No Gain
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.
10 Min
Macro & Markets
Aug 2024
Market Musings - Strong Summer Start Turns Sour
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...
12 Min
Macro & Markets
Jun 2024
On-Chain Macro with Ostium
...how it holds under real pressure, as most assets have low trading volume and are nowhere near their OI...
3 Min
Perpetual Futures
Mar 2025
Market Musings - A Bullish Beat Down For BTC Bears
...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 $LINK and the OI increases over the last week, following last week...
8 Min
Macro & Markets
May 2024
A New Framework For Understanding Moats In Crypto Markets
CEXs also have a strong incentive to integrate sUSDe given a large share of their Open Interest (OI)...themselves looking to trade perps, Ethena is now one of the single largest sources of Open Interest (OI...
36 Min
DeFi
Aug 2024
Market Musings - April Showers Bring May Flowers
Outside of BTC, the biggest relative changes in open interest (OI) over the last week have been led by...$SHIB, $NOT, and $PEOPLE, with $SHIB OI increasing nearly 50% before settling at around a 20% increase...
8 Min
Macro & Markets
Jun 2024
Market Musings - A Bad Break For Bulls... What's Next?
...and the broader crypto market, with total crypto market OI down nearly 40% from the March highs.
10 Min
Macro & Markets
Jul 2024
Market Musings - Return of the Flows
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.
11 Min
Macro & Markets
May 2024
Market Musings - Bulls Attempt To Take The Initiative
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...
9 Min
Macro & Markets
May 2024
Contango: A Forward-looking Approach to Leverage
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...
13 Min
DeFi
Jun 2024
Market Musings - ETF Flows Shine As BTC Flirts With Range Highs
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...
9 Min
Macro & Markets
Jun 2024
2025 starts off with a volatile bang!
...give my thoughts on how markets have played out so far. from jan 1 through jan 6, nearly 4bn in BTC OI...up the entirety of the gains made during the first week of the year. we have also seen much of the OI...unwind as well, resetting a lot of long positioning in the process. we can clearly see this as OI is...
5 Min
Macro & Markets
Jan 2025
The Rise of Ethena: Unpacking The Emerging Synthetic Dollar
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.
40 Min
DeFi
Apr 2024