# Bitcoin Open Interest and Funding Rates by Venue

> Bitcoin open interest and funding rates by venue: BTC and ETH perp open interest and funding on Hyperliquid, GMX and exchanges, with regulated futures.

Markdown copy of https://voltfincrypto.com/apps/bitcoin-open-interest-funding-rates

**Question:** How much bitcoin open interest is there across venues, and what funding rate are longs paying?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Markets and trading](https://voltfincrypto.com/topics/trading)
- Chains: Multi-chain, Hyperliquid, Arbitrum, Solana
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Open interest is the value of perpetual and futures contracts still open, and the funding rate is what one side of a perpetual pays the other to keep its price near spot. Together they show how much leverage is in the market and which side is paying for it: positive funding means longs pay shorts, negative funding means shorts pay longs.

On-chain perpetual exchanges publish both in their own state. This dashboard reads Hyperliquid, Jupiter on Solana and GMX on Arbitrum and Avalanche directly and adds centralized exchanges and regulated bitcoin futures from their published feeds, each series labelled by its source so the two are never mistaken for each other.

Funding is paid on different schedules, hourly on some venues and every few hours on others, and some venues charge a borrow fee instead, so every rate is converted to one basis before venues are compared.

## Blueprint

### Now

Open interest and funding at the latest hour, by venue.

- **Open interest, on-chain** (USD): Open interest of the selected asset's perpetuals on Hyperliquid, GMX and Jupiter at the latest hour.
- **Open interest, exchanges** (USD): Open interest reported by centralized exchanges and regulated futures venues at the latest hour, labelled as reported.
- **Hyperliquid funding** (%): Hyperliquid's latest hourly funding rate for the selected asset, expressed as an annual rate.
- **Median funding across venues** (%): The median annual funding rate across every venue that charges funding, at the latest hour.
- **Open interest by venue** (USD): Each venue's open interest at the latest hour, on-chain and reported venues shaded apart, with long and short sides where a venue reports them.
- **Funding by venue**: Each venue's latest funding rate, its payment interval, its annual and 8-hour equivalents and its source.

### History

How leverage and funding moved over time.

- **Open interest, 7-day change** (%): Change in on-chain open interest against the same hour 7 days earlier.
- **Hours of negative funding** (hours): Hours in the selected period when Hyperliquid's funding for the asset was negative.
- **Open interest over time** (USD): Open interest by venue per hour over the selected period, stacked to the on-chain total.
- **Funding heatmap** (%): Annual funding rate by venue and day over the selected period, so streaks of positive or negative funding stand out.

Filters: Asset (BTC or ETH); Period (Last 7, 30 or 90 days).

## How it will be measured

- Hyperliquid open interest and funding come from its BTC and ETH perpetual market state, read every hour along with the hourly funding it applies.
- GMX v2 open interest is read from its DataStore and Reader contracts per BTC and ETH market on Arbitrum and Avalanche, long and short sides apart, with the funding the larger side pays.
- Jupiter Perpetuals open interest comes from its custody and position accounts on Solana; it charges an hourly borrow fee instead of funding, so it shows open interest only, with its fee labelled apart.
- Centralized-exchange funding and open interest, and regulated futures open interest, come from published feeds recorded with venue and time, and are never added to on-chain totals.
- Every funding rate is converted to the same basis, an annual rate and an 8-hour equivalent, from each venue's own interval.

## Data it needs

- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Hyperliquid core BTC and ETH perp open interest and hourly funding
- Source: GMX v2 BTC and ETH market open interest and funding read from the DataStore and Reader contracts on Arbitrum and Avalanche
- Source: Jupiter Perpetuals BTC and ETH custody and position accounts on Solana
- Source: Centralized-exchange perpetual funding rates and open interest (off-chain feeds)
- Source: Regulated bitcoin futures open interest (off-chain)

## Questions

### What is open interest in bitcoin?

Open interest is the total value of bitcoin perpetual and futures contracts that are open at a moment. It rises when new positions open and falls when they close, so it measures leverage outstanding, not trading volume.

### What does a negative funding rate mean?

Negative funding means the perpetual trades below the spot price and shorts pay longs to hold their positions. It usually appears when more traders want to be short than long.

### How often is funding paid?

It depends on the venue. Hyperliquid applies funding every hour and many centralized exchanges every few hours, while some on-chain venues accrue it continuously. This dashboard converts each to a common basis before comparing.

### Is high open interest bullish or bearish?

Neither on its own. High open interest means a lot of leverage is outstanding, which can lead to large liquidations when price moves in either direction. Funding shows which side is paying to hold its position.

### Why show on-chain and exchange data separately?

On-chain venues publish their positions in public state, so their figures can be checked block by block. Exchange figures are reported by the exchanges themselves. Keeping them apart makes clear which figures carry a receipt.

## Glossary

- **Perpetual future**: A futures contract with no expiry, kept close to the spot price by periodic funding payments between longs and shorts.
- **Funding rate**: The periodic payment between the two sides of a perpetual. Positive funding means longs pay shorts; negative means shorts pay longs.
- **Open interest**: The value of positions still open at a moment. On order-book venues longs equal shorts, so it is counted on one side.

## Related apps

- [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding)
- [Crypto Liquidations Today: Longs vs Shorts](https://voltfincrypto.com/apps/crypto-liquidations-today)
- [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share)
- [Liquidation Heatmap from On-Chain Positions](https://voltfincrypto.com/apps/liquidation-heatmap)
- [Crypto Fear and Greed Index Today and History](https://voltfincrypto.com/apps/crypto-fear-and-greed-index)
- [Airdrop Claim Tracker: Claimed vs Unclaimed](https://voltfincrypto.com/apps/airdrop-claim-tracker)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F