Open interest is one of the clearest indicators of a derivatives exchange’s actual market depth. It represents the total value of positions that remain open on a venue. Unlike trading volume, which can be boosted by wash trading or a particularly active day, open interest shows how much capital is currently committed to open positions. For traders placing large orders, a deeper pool of open interest can make it easier to enter and exit positions close to the mark price without significantly affecting the market.
This guide ranks major crypto derivatives exchanges strictly by open interest and then explains why the exchange with the biggest figure may not necessarily be the best fit for every trader.
