LessonsIndicator atlasPositions and leverage
Open interest and funding
The number of open contracts (how many positions there are) and the rate the more crowded side pays.
How we compute it
Open interest from the Hyperliquid market context, recorded every minute together with the tape; hourly funding from the same source (in Charts also from Binance and Bybit).
How to read it
- Price ↑ and OI ↑: new longs. Price ↑ and OI ↓: short covering. Price ↓ and OI ↑: new shorts. Price ↓ and OI ↓: longs closing.
- Extreme funding shows which side is overcrowded.
Traps
- Every contract has two sides; OI tells you how many, not who is right.
- Extreme funding can last a long time.
Combine with
- With delta and price (the cascade exercise).
- With liquidations: a sharp OI drop during a move is forced closing.
In Charts
Indicators → Exchange ΔOI; Numbers table
The figure from a real market slice, the exercises and the Charts workstation button are in the Lessons tab.