31 Jan 2022

BTC perpetual swaps open interest surging

The BTC perpetual swap open interest is climbing towards previous highs, currently sitting at 251,000 BTC, accounting for 66% of the futures OI.
Source: Laevitas, Skew, Coingecko, Tradingview
Yesterday, we saw a sharp rise in the BTC denominated open interest in perpetual swaps, growing 5.3% from 239,000 BTC to 251,000 BTC.The open interest surged the most at FTX (+11%) and Bybit (8.5%).The growing open interest in Bybit has been accompanied by negative funding rates.Interestingly, both the inverse and linear perps have seen the long/short global account ratios fall below 1.The long-short global account ratio should not be confused with the open interest being net short. It’s always net neutral. However, the ratio illustrates that a majority of the accounts on Bybit are currently net short BTC. The same trend is evident at the Binance perps.It’s rare to see that most of the accounts on these venues are net short, and previous occurrences (namely this summer) have foreshadowed a trend reversal.
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