Open interest
The total number of unclosed contracts in a futures or perpetual market. Read together with volume, it shows the participation behind a move.
If open interest rises as price rises, new longs are entering (a healthy trend); if open interest falls as price rises, shorts are closing (short covering, more fragile).
In crypto, a sudden jump in open interest plus high funding means a crowded leveraged trade and the risk of a liquidation wave.
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Where it appears in the guides
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