Open Interest — Per Exchange Comparison
Open interest decomposition across the top 7 exchanges (Binance, Bybit, OKX, Coinbase, Hyperliquid, Deribit, Kraken) plus aggregated others, summing the remaining 10 venues Coinalyze covers (17 total). Reveals where leverage concentration shifts over time.
What is it?
Stack-time decomposition of aggregated Bitcoin perpetual open interest into bands per active venue. V1.0 coverage = five major exchanges (Binance, Bybit, OKX, Hyperliquid, Deribit) rendered as individual bands + a consolidated 'Others' band grouping the other Coinalyze-covered venues (Bitget, MEXC, Gate.io, BingX, BitMEX, Bitfinex, dYdX, Phemex, KuCoin, HTX, Huobi). **Coverage caveat**: Coinbase Derivatives and Kraken offer BTC perpetuals but are not exposed by Coinalyze for the BTC USD perpetual contract today. Extending coverage to Coinbase/Kraken via direct exchange APIs is planned for V1.1. Each band displays the USD OI of the corresponding exchange at the given date, stacked vertically over the entire perpetual market. The total stack height matches exactly the aggregated OI (previous chart). Formula per band: OI_exchange_i = open_contracts_i × BTC_price × multiplier_i, where multiplier depends on contract type (linear USDT/USDC or inverse-coin). Daily granularity, Coinalyze source. The toolbar Exchange dropdown allows focusing the rendering on a single venue (other bands are hidden during the selection).
How to read
Left Y-axis: stacked USD OI. X-axis: daily time. Each exchange is identified by a distinct colour that stays persistent across all Trinity Exchange Intelligence views, easing recognition without memorisation. The interactive legend allows temporarily hiding an exchange (e.g. hide Binance to better observe alternative venues historically dwarfed by its dominance). The hover tooltip details the precise USD OI value per exchange for the pointed date. The BTC price overlay (right Y-axis, toggleable from the toolbar) helps correlate exchange mix changes with price movements.
Key zones
Binance dominance, which exceeded 50% during the 2021-2022 bull peak, eroded to reach a 30-35% zone after the FTX collapse then the historical SEC regulatory pressures on Binance. Conversely, Hyperliquid's share went from zero before its November 2024 TGE to over 15% at times, reflecting the structural CEX→DEX market shift. Coinbase Derivatives, launched in Q4 2023, positioned itself rapidly thanks to US regulatory advantage post-ETF. The 'Others' band typically represents 15-25% of the stack — when it exceeds 30%, it indicates either emergence of new venues or geographic market shift toward Asian venues (Bitget, MEXC, Gate.io). Zones where a band gains more than 5 percentage points in 30 days are rare — they are structural rotation indicates, not noise.
What to observe
Key patterns: (1) gradual erosion of historical dominance — Binance's structural decline reflects market diversification and loss of single-point-of-failure (FTX lesson); (2) fulgurant rise of a new venue — Hyperliquid's expansion follows a recognisable pattern: initial adoption by whales (visible via DEX Whale Tracker), then network effect when market-makers follow, finally retail migration; (3) temporary hierarchy inversion — if Bybit momentarily exceeds Binance or OKX exceeds Bybit, the event deserves investigation (often correlated with a technical or regulatory incident on one of them); (4) 'Others' explosion — can indicate either the emergence of a new future Top 7 venue or increased global market fragmentation.
Historical context
Major documented evolution: before November 2022 FTX collapse, FTX ranked in the world's perpetual market Top 5 — its disappearance redistributed roughly 10% of OI primarily toward Binance and secondarily OKX/Bybit. US SEC regulatory pressures of June 2023 against Binance (November 2023 4.3 B$ settlement) initiated a slow erosion of its dominance in favour of Bybit and OKX, accelerated by the rise of Hyperliquid DEX post-TGE November 2024. The January 2024 BTC spot ETF approval created a new Coinbase Derivatives venue that quickly captured 5-10% of the market thanks to its US regulated status. Each major regulatory or technological event visibly and durably modifies the exchange mix.
Expert notes
This per-exchange decomposition is complementary to the dominance percentage chart (#4): the latter normalises to 100% to focus on relative mix, while this chart preserves absolute USD magnitudes — useful for understanding organic growth vs relative shift. For a comprehensive venue rotation analysis, cross-reference with Exchange Dominance Rotation chart (#15 Performance) which aggregates OI + funding + liquidations into a multi-dimensional indication. Important note: Coinalyze covers the 17 major venues but does not capture certain Asian regional venues (Coincall, Pionex) or emerging DEX (GMX, Vertex, dYdX partially). DEX charts (Layer D) complete this view with DEX-native venues not covered by Coinalyze.
Common mistakes to avoid
Common mistake: assuming today's observed hierarchy is definitive. FALSE — the exchange mix evolves continually, and several leaders have seen their dominance structurally erode (FTX gone, Binance in slow erosion). Another trap: confusing OI market share with volume market share. An exchange may have low OI but high volume (HFT/wash-trading), or high OI but little volume (institutional long-term positions). Both measures are distinct. Finally, don't confuse the 'Others' band with an obscure market indication: it contains real major venues (historical BitMEX, Bitfinex, KuCoin) — simply smaller than Top 7.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-oi-per-exchange-comparison/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-oi-per-exchange-comparison",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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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.