Where a coin trades: venue share and top-two share
The open interest concentration page measures where a coin’s eligible USD perpetual open interest (OI) sits. OI is outstanding exposure, not traded volume. Eligible contracts on the same venue are summed first. Venue share = venue OI / included OI. The denominator is the sum of eligible OI across covered venues for that coin, not global OI.
Illustrative: not live data. Venue A has $6M, B $3M and C $1M of included OI: $10M total. Their shares are 60%, 30%, 10%. The largest share is 60%; top-two share = 60% + 30% = 90%. With only one eligible venue, top-two share is 100%, but that coin is outside the multi-venue ranking.
HHI on a 0–1 scale
The Herfindahl-Hirschman index uses all included venue shares: HHI = sum(s × s), where each s is a decimal share. For the same example, 0.6² + 0.3² + 0.1² = 0.36 + 0.09 + 0.01 = 0.46. Squaring gives larger venues more weight. One venue gives 1; two equal venues give 0.5; equal n venues give 1/n. HHI approaches zero as the number of equally sized venues grows.
The DOJ and Rhoades describe HHI using percentage shares on a 0–10,000 scale. Convert this site’s value by multiplying by 10,000: 0.46 × 10,000 = 4,600. We do not apply antitrust thresholds as judgements about crypto markets: these covered venue snapshots are not a legally defined competition market.
24h share shift: percentage points, not OI growth
For each included contract, the site reconstructs OI 24h ago = current OI / (1 + oi_24h), with the 24h OI change expressed as a decimal. It sums those past values by venue, recomputes shares with the past included total, then calculates share shift (pp) = (today share − 24h-ago share) × 100. The largest-venue column follows today’s leader, even if another venue led yesterday. The shift list shows the top 10 venue shifts by absolute percentage-point change.
Illustrative: not live data. In a separate two-venue example, A rises from $4M to $6M (+50% OI), while B rises from $1M to $4M (+300% OI). Reconstructing gives $6M / 1.5 = $4M and $4M / 4 = $1M. A’s share falls from 80% to 60%: (0.60 − 0.80) × 100 = −20 pp. Its OI rose, but its share fell because B grew faster. B gains 20 pp. A percentage-point shift is not the percentage growth of the share or the OI.
Returning to the three-venue example, suppose A’s 24h OI change is +50%, B’s +200% and C’s 0%. Past OI is $4M, $1M and $1M: $6M total. A’s past share was 4/6, about 66.7%; its current 60% share means a shift of about −6.7 pp. B moves from about 16.7% to 30%, or +13.3 pp; C moves from about 16.7% to 10%, or −6.7 pp. These rounded shifts come from unrounded shares.
Within one coin, a common USD price multiplier largely cancels between each venue’s OI and the included total. Different marks, timing and quote conversions can still affect shares; this is not a pure measure of position flows. The comparison requires a valid, fresh 24h change for every included contract at every included venue (a matched comparison). Missing, stale, nonnumeric or nonfinite changes, or changes at or below −100%, suppress the whole coin’s shift. Current shares may still be available.
What is excluded and why
The OI tool includes eligible linear perpetuals quoted in USDT or USDC, plus Hyperliquid USD perpetuals. Its exclusion labels are:
- excluded from aggregate OI: aggregate-excluded feeds, including MEXC, do not enter the denominator.
- HIP-3 outside scope: HIP-3 markets are outside this comparison.
- inverse / non-linear quote outside scope: incompatible quote units are not mixed with linear OI.
- stale OI: the OI field is flagged stale.
- missing OI: no OI value is available.
- nonpositive or invalid OI: zero, negative, nonnumeric or nonfinite values are excluded.
The main ranking requires at least two covered venues and $5M included OI. Smaller totals, single-venue coins and coins without eligible OI appear separately. Excluded markets do not dilute included shares.
The volume version applies the same share, top-two and HHI formulas to recorded rolling 24h quote volume, with a $5M included-volume ranking floor. Spot and perpetual denominators never mix. Only USDT/USDC quote units are supported there; HIP-3, unsupported quotes, stale or missing volume, and negative or invalid volume are excluded. Zero volume is allowed, but a zero or missing total has no shares or HHI. Exact (venue, market kind, symbol) identities count once; distinct eligible contracts on one venue are combined. The reconstructed 24h OI share shift is an OI feature, not a volume-growth statistic.
Coverage and interpretation limits
These numbers describe covered venues only. MEXC is absent from aggregate OI, and excluded or untracked markets are absent from the relevant denominator. A coverage change can move shares without traders moving positions. Compare included and excluded rows before comparing coins or dates.
Concentration is not a measure of liquidity quality: it does not measure order-book depth, spread, slippage, execution reliability or venue solvency. High share or HHI does not predict price direction, and a low HHI does not establish that trading is safe.
Primary references checked on 17 October 2026: U.S. DOJ: Herfindahl-Hirschman Index · Rhoades (1993): Federal Reserve Bulletin 79, pp. 188–189 · Binance: open-interest API. Not financial advice.