Deribit Open Interest
Close-of-day open interest on Deribit BTC perpetual futures.
| Property | Value |
|---|---|
| Category | Market Data |
| Unit | USD |
| Resolution | 1d |
| Assets | BTC |
| Tier | Pro |
| API Endpoint | GET /v1/oi/exchange |
| Field | close_oi_usd |
Overview
Deribit Open Interest measures outstanding positions on Deribit's BTC perpetual futures. While Deribit dominates crypto options (~90% market share), its perpetual market is smaller but heavily institutional — favored by market makers and delta hedgers.
How Deribit Reports Open Interest
Deribit reports OI in BTC-denominated terms (inverse contracts), which Blocklens converts to USD using the daily mark price. This means Deribit's USD OI naturally moves with BTC price even without new position changes.
Key difference: Deribit's perpetual uses continuous funding (every millisecond) rather than 8-hour intervals, which influences how traders manage their OI exposure.
Interpretation
- Deribit OI is disproportionately institutional and market-maker driven
- Changes in Deribit OI often correlate with options hedging activity — large option expirations can cause OI shifts
- Lower absolute OI than Binance/Bybit but higher signal quality for institutional positioning
Use Cases
- Smart money OI tracking — Deribit's institutional user base provides a cleaner institutional positioning signal
- Correlating OI changes with options market activity (gamma exposure, delta hedging)
- Monitoring inverse contract OI as a proxy for BTC-denominated leverage appetite
- Identifying when options market makers are adjusting their delta hedge exposure
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/oi/exchange?exchange=deribit&start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- Futures Open Interest — Total futures open interest across all exchanges in USD
- Deribit Funding Rate — Deribit annualized funding rate