Open Interest Dominance — Per Exchange
Share of total open interest captured by each exchange over time. A rising slice means market share gain; declining slices reveal venue rotation by traders.
What is it?
Measures each exchange's market share in cross-venue aggregated open interest, normalised to 100% to focus on relative mix rather than absolute magnitude. Formula: dominance_i = (OI_exchange_i / aggregated_OI_total) × 100, where cross-i sum always equals 100%. Snapshot view displays a donut chart of Top 7 exchanges + Others at the most recent date, while a 'Temporal' toggle switches to a multi-line view showing market share evolution over annual. The metric enables a direct institutional reading of perpetual market concentration or deconcentration — useful for evaluating systemic risk (concentration on a single-point-of-failure FTX-type) or diversification (post-2022 resilience).
How to read
The chart renders active venues stacked on a 0 to 100% Y-axis, daily X-axis over the selected timeframe. Each exchange is identified by a distinct colour persistent across all Trinity Exchange Intelligence views. The stacked temporal view enables visualising at a glance the slow erosion of a dominant actor (Binance), the gradual expansion of a new entrant (Hyperliquid post-TGE 2024) or cyclical oscillations (Bybit gaining in bull phases, losing in bear phases). The interactive legend enables filtering the reading to a subset of exchanges.
Key zones
Historically observed dominance distribution: Binance held 50-55% of BTC perpetual market during the 2021-2022 bull peak (extreme concentration single-point-of-failure type), gradual post-FTX erosion to 35-40% then 28-33% over subsequent cycles (structural deconcentration). Bybit oscillated between 12% and 22% depending on phases (peaks during post-2023 bull phases). Hyperliquid went from 0% pre-TGE to 8-15% depending on market phase. OKX maintains a stable 10-15% position. Coinbase Derivatives went from 0% to 5-8% since its Q4 2023 launch. Top 1 dominance above 50% is now considered a notable systemic risk; Top 1 dominance below 30% indicates a healthily deconcentrated market.
What to observe
Key indicator: the Herfindahl-Hirschman Index (HHI), computed as Σᵢ (share_i)². HHI > 0.30 indicates very concentrated market (typical of the pre-FTX phase with Binance at 50%+), HHI 0.15-0.25 indicates moderately concentrated market (structural post-FTX deconcentration phase), HHI < 0.15 indicates deconcentrated and resilient market (structural healthy goal for crypto market). Patterns to watch: (1) a new venue crossing 5% dominance for the first time — validation indication by real flows (vs hype); (2) a sudden Top 3 dominance drop over 30 days (-3pp or more) — migration indication toward competitors; (3) 'Others' segment compression < 10% — re-concentration indication toward majors; (4) Others expansion > 25% — cross-geographic market fragmentation indication.
Historical context
Notable structural evolution across modern perpetual market cycles: BitMEX-then-Binance era (concentration HHI > 0.35, single point of failure), November 2022 FTX collapse (FTX's dominance vanishes brutally, mostly redistributed to Binance), post-rebound crushing-Binance era (HHI at historical high), June 2023 SEC pressures on Binance + Bybit + OKX rise (gradual leader erosion), January 2024 post-spot-ETF Coinbase Derivatives launch (new US regulated entrant capturing 5-8% rapidly), November 2024 Hyperliquid TGE (visible structural CEX→DEX shift, Hyperliquid dominance explodes from 0% to 10%+ in 90 days), contemporary phase of durable deconcentration (HHI in a historically low zone around 0.20). The perpetual market has structurally learned the FTX lesson and diversified its access points.
Expert notes
OI dominance is one of three axes of the Exchange Dominance Rotation composite (#15 Performance) which aggregates OI + funding + liquidations into a multi-dimensional indication. For comprehensive cross-layer Trinity reading, cross-reference with: (1) funding dominance (who pays the leverage cost) which can diverge from OI dominance — an exchange dominant in OI but marginal in funding indicates stable long-term positions (institutional) vs short-term speculative (retail); (2) liquidations dominance which measures cascade risk concentration — an exchange at 30% OI but 50% liquidations indicates concentrated retail over-leverage. Note: Coinalyze coverage includes 17 major CEX venues but excludes emerging DEX (GMX, Vertex, dYdX partially) — for a complete DEX view, consult Layer D charts.
Common mistakes to avoid
Common mistake: concluding from high market share to superior exchange quality. FALSE — dominance reflects historical adoption and network advantages (early-mover, liquidity, listing diversity) but not necessarily technical quality, regulation or solvency. FTX dominated 8-10% of the market before its collapse. Another trap: interpreting today's donut as stable — the exchange mix evolves continually, and 5 years of history show regular major shifts. Finally, don't confuse OI dominance (this metric, open positions) with volume dominance (24h exchanges). An exchange can dominate in volume via HFT/wash-trading without dominating in OI (stable positions).
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-oi-dominance-per-exchange/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-oi-dominance-per-exchange",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.