Crypto Derivatives Report H2 2022: Open Interest, Funding, Liquidations

Key numbers: H2 2022

perpetual futures · UTC

Open interest at the end

$5.66B

+106% like-for-like

BTC average funding

3.8% APR

negative on 27 of 184 days

1. Open interest

daily average per exchange, USD

Open interest on Bybit went from $575.9M on 1 Jul 2022 to $1.19B on 31 Dec 2022 (+106%), peaking at $1.41B on 5 Nov 2022. Bitcoin ended the period with 51% of it ($605.3M, +77%). Across the 2 exchanges recorded on 31 Dec 2022, Binance held the largest share, 79% of $5.66B.

Covers Bybit for the whole period; Binance from 21 Nov 2022. The chart and the changes use only the exchanges recorded on both 1 Jul 2022 and 31 Dec 2022 (Bybit). Before this site recorded them live, the numbers for Binance and Bybit come from the exchanges' own hourly history. Coverage

Coin	1 Jul 2022	31 Dec 2022	Change	Peak	Peak day
BTC	$342.8M	$605.3M	+76.57%	$715.5M	26 Oct 2022
ETH	$105.8M	$348.7M	+229.68%	$428.8M	29 Oct 2022
BNB	$8.9M	$33.3M	+274.36%	$36.7M	19 Dec 2022
DOGE	$4.8M	$31.3M	+550.11%	$67.2M	1 Nov 2022
SOL	$20.1M	$27.1M	+34.91%	$33.1M	7 Nov 2022
XRP	$13.7M	$26.3M	+91.74%	$52.1M	9 Oct 2022
LTC	$6.8M	$20.5M	+201.44%	$21.5M	27 Dec 2022
LINK	$4.3M	$11.7M	+170.80%	$13.3M	11 Dec 2022
ATOM	$4.2M	$9.4M	+125.93%	$17.3M	17 Sep 2022
DOT	$10.1M	$8.7M	-14.19%	$16.3M	1 Aug 2022
All coins	$575.9M	$1.19B	+106.03%	$1.41B	5 Nov 2022

Exchange share of open interest

Exchange	1 Jul 2022	Share	31 Dec 2022	Share	Change
Binance	—	—	$4.47B	79.0%	—
Bybit	$575.9M	100.0%	$1.19B	21.0%	+106.03%

Download: coins (CSV) · exchanges (CSV)

2. Funding

mean of each day's OI-weighted 8h rate

Funding averaged BTC 0.0035% per 8h (about 3.8% APR) and ETH -0.0011% per 8h (about -1.2% APR) over the second half of 2022. BTC funding was negative on 27 of 184 days. The most positive liquid coin was LINK at 5.9% APR; the most negative SOL at -74.5% APR.

Covers Binance for the whole period. Before this site recorded them live, the rates for Binance are the settled funding from the exchanges' own history. Coverage

Coin	Average per 8h	Annualized	Negative days	Days
BTC	0.0035%	3.8%	27	184
ETH	-0.0011%	-1.2%	66	184
BNB	-0.0096%	-10.5%	121	184
DOGE	0.0049%	5.4%	31	184
SOL	-0.0681%	-74.5%	88	184
XRP	-0.0030%	-3.3%	99	184
LTC	0.0046%	5.1%	28	184
LINK	0.0054%	5.9%	24	184
ATOM	-0.0044%	-4.8%	117	184
DOT	-0.0112%	-12.3%	156	184

Most positive (average OI ≥ $5M)
Coin	Annualized	Days
LINK	5.9%	184
UNI	5.8%	184
DOGE	5.4%	184
LTC	5.1%	184
FIL	4.2%	184

Most negative (average OI ≥ $5M)
Coin	Annualized	Days
SOL	-74.5%	184
TRX	-18.3%	184
BCH	-15.3%	184
ETC	-14.3%	184
DOT	-12.3%	184

Download: funding (CSV)

3. Liquidations

UTC days · longs / shorts

No liquidations are recorded for the second half of 2022. This site stores liquidations from 27 Sep 2026.

4. Volume

quote volume, USD · perp and spot

No trading volume is stored for the second half of 2022.

5. Hyperliquid

vs the centralized exchanges · HIP-3

Hyperliquid is not recorded for the second half of 2022.

Cite this report

permalink

swolecharts, “Crypto Derivatives Report: H2 2022”, published 1 January 2023, https://swolecharts.com/reports/2022-h2

Free to quote and embed with a link back to /reports/2022-h2.

Methodology

Days are UTC. Open interest is each perpetual market's average for the day, summed per coin and exchange; HIP-3 markets are left out of the crypto totals.
Funding is each day's open-interest-weighted average of the 8-hour-equivalent rate across exchanges, averaged over the days with data; annualized = rate × 3 × 365.
Live data is what this site recorded from each exchange's public API. Before that, Binance and Bybit open interest come from the exchanges' published hourly history and Binance and Hyperliquid funding from their settled rates; the live record wins wherever both exist.
Liquidations come from the exchanges' public liquidation feeds; some feeds are sampled, so totals are a lower bound. Volume is the quote volume of this site's recorded 1-minute bars.
No third-party aggregator data is used. See coverage for every exchange and data type.

Derivatives report FAQ

What does the derivatives report cover?

Perpetual futures open interest, funding, liquidations and trading volume over one half-year or year, by coin and by exchange, with a section on Hyperliquid. Every number comes from the exchanges' public market-data APIs, recorded by this site or backfilled from the exchanges' own history.

When is a report published?

At 00:00 UTC on the day after the period ends: 1 July for the first half, 1 January for the second half and the full year. Late data can still arrive during the first day, after which the report does not change.

Why do some sections cover fewer exchanges?

Coverage grows over time. Older periods rely on the hourly history Binance and Bybit publish (open interest) and on settled funding from Binance and Hyperliquid; every exchange on the coverage page is included from the day this site started recording it. Each section lists the exchanges it covers, and the open-interest change compares only exchanges recorded at both ends of the period.

Can I cite or share the report?

Yes. Each report has a permanent page, a 1200×630 image at the same address plus .png and a CSV of every table. Please link back to the page when you use the numbers or the image.

Crypto derivatives report: H2 2022