Crypto Derivatives Report H2 2023: Open Interest, Funding, Liquidations

Key numbers: H2 2023

perpetual futures · UTC

Open interest at the end

$11.00B

+29% like-for-like

BTC average funding

8.5% APR

negative on 21 of 184 days

1. Open interest

daily average per exchange, USD

Open interest on Binance and Bybit went from $8.50B on 1 Jul 2023 to $11.00B on 31 Dec 2023 (+29%), peaking at $11.49B on 28 Dec 2023. Bitcoin ended the period with 40% of it ($4.42B, +6%). Across the 2 exchanges recorded on 31 Dec 2023, Binance held the largest share, 74% of $11.00B.

Covers Binance and Bybit for the whole period. The chart and the changes use only the exchanges recorded on both 1 Jul 2023 and 31 Dec 2023 (Binance, Bybit). Before this site recorded them live, the numbers for Binance and Bybit come from the exchanges' own hourly history. Coverage

Coin	1 Jul 2023	31 Dec 2023	Change	Peak	Peak day
BTC	$4.19B	$4.42B	+5.53%	$5.09B	7 Dec 2023
ETH	$2.08B	$2.40B	+15.45%	$2.72B	8 Dec 2023
SOL	$118.0M	$741.0M	+527.87%	$802.2M	25 Dec 2023
XRP	$220.4M	$303.4M	+37.65%	$536.2M	19 Jul 2023
BNB	$205.6M	$265.9M	+29.36%	$291.1M	28 Dec 2023
DOGE	$118.3M	$234.9M	+98.59%	$347.3M	6 Dec 2023
AVAX	$39.7M	$178.6M	+350.01%	$232.1M	16 Dec 2023
OP	$49.9M	$171.1M	+243.16%	$178.1M	28 Dec 2023
LINK	$58.3M	$153.0M	+162.31%	$230.7M	8 Nov 2023
ARB	$91.3M	$135.3M	+48.19%	$139.0M	23 Dec 2023
All coins	$8.50B	$11.00B	+29.40%	$11.49B	28 Dec 2023

Exchange share of open interest

Exchange	1 Jul 2023	Share	31 Dec 2023	Share	Change
Binance	$6.73B	79.1%	$8.18B	74.4%	+21.65%
Bybit	$1.78B	20.9%	$2.82B	25.6%	+58.74%

Download: coins (CSV) · exchanges (CSV)

2. Funding

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

Funding averaged BTC 0.0077% per 8h (about 8.5% APR) and ETH 0.0084% per 8h (about 9.2% APR) over the second half of 2023. BTC funding was negative on 21 of 184 days. The most positive liquid coin was PEPE at 14.4% APR; the most negative BCH at -7.3% APR.

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

Coin	Average per 8h	Annualized	Negative days	Days
BTC	0.0077%	8.5%	21	184
ETH	0.0084%	9.2%	17	184
SOL	0.0055%	6.1%	60	184
XRP	0.0103%	11.3%	16	184
BNB	-0.0031%	-3.4%	43	184
DOGE	0.0098%	10.7%	18	184
AVAX	0.0072%	7.9%	39	184
OP	0.0129%	14.1%	12	184
LINK	0.0101%	11.1%	10	184
ARB	0.0114%	12.5%	12	184

Most positive (average OI ≥ $5M)
Coin	Annualized	Days
PEPE	14.4%	184
OP	14.1%	184
LDO	14.0%	184
FIL	13.2%	184
FET	12.5%	184

Most negative (average OI ≥ $5M)
Coin	Annualized	Days
BCH	-7.3%	184
BNB	-3.4%	184
INJ	-3.0%	184

Download: funding (CSV)

3. Liquidations

UTC days · longs / shorts

No liquidations are recorded for the second half of 2023. 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 2023.

5. Hyperliquid

vs the centralized exchanges · HIP-3

Hyperliquid is not recorded for the second half of 2023.

Cite this report

permalink

swolecharts, “Crypto Derivatives Report: H2 2023”, published 1 January 2024, https://swolecharts.com/reports/2023-h2

Free to quote and embed with a link back to /reports/2023-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 2023