Open Interest % Change tracks the percentage change in open interest (total outstanding derivative contracts). Rising OI suggests new money entering the market; falling OI suggests positions are being closed.
Visual Encoding
X-Axis: Time (funding rate intervals)
Y-Axis: OI change % (symmetric around 0)
Line: OI % change trend
Interpretation
OI Increasing: > 0% — new positions being opened
OI Decreasing: < 0% — positions being closed
OI divergence from price is a warning sign
Data is sparse — not all instruments have OI history
Trading Signals
Rising OI + rising price = new longs power the trend (healthy)
Rising OI + falling price = new shorts pressing, downtrend confirmed
Falling OI on a move = unwind-driven, may lack follow-through
Price Overlay
Close Price: Daily closing price (right Y-axis)
OI rising + price rising = strong trend confirmation
OI falling + price falling = capitulation / liquidation
OI rising + price falling = bearish divergence (new shorts)
OI falling + price rising = short squeeze or profit-taking