OI-Price Correlation is the 20-period rolling correlation between open interest changes and price changes. Positive values mean OI and price move together (confirming); negative means they diverge.
Parameters (20)
X-Axis: Time (funding rate intervals)
Y-Axis: Correlation (-1 to +1)
Line: Rolling correlation trend
Interpretation
Confirming: > 0.3 — OI and price moving together; validates the current trend
Ambiguous: -0.3 to 0.3 — no clear relationship
Diverging: < -0.3 — OI and price moving apart; warns of potential reversal
Transitions between zones are key signals
Data is very sparse — only ~24 data points total
Trading Signals
Correlation above +0.3 = open interest confirms the trend
Below -0.3 = OI diverging — unwind-driven move, fragile
Crossing zero = transition, wait for confirmation
Price Overlay
Close Price: Daily closing price (right Y-axis)
Correlation > 0.3 + rising price = OI confirming the uptrend