What is Open Interest?

Open interest is the total value of all open perpetual positions on a market — every long has a matching short, so OI measures how much capital is committed.

For funding arbitrage, OI matters because it indicates how much size a market can absorb. A wide funding spread on a market with near-zero OI is usually untradeable: you cannot enter or exit at the displayed price. Filter by minimum OI to surface only real opportunities.