Open Interest
Chainlink
Futures open interest for bitcoin, venue by venue, with the aggregate and price overlaid.
Why it matters
The total hides the structure: this shows which exchange's book actually carries the leverage.
How it is built
Daily open interest per exchange from derivatives data; two venues that died in 2024 are deliberately excluded rather than shown flat.
What to watch
One dominant book is systemic risk — a liquidation cascade on the largest venue drags price everywhere. Venue shares shifting is capital migrating between market structures.