A flow and a stock
Trading volume measures transactions over a period. Open interest measures outstanding positions at a point in time. A busy market can repeatedly turn over the same capital while ending the day with little open interest. Neither measure tells you whether traders are collectively bullish.
Start with matching definitions
Before comparing two venues, check the time window, dollar conversion, and whether the source counts each contract once or both sides. Protocol open interest is also different from open interest in futures on the protocol’s token.
Read the relationship, not just the headline
Rising volume with unchanged open interest may reflect more turnover. Rising open interest may reflect expanding outstanding exposure. These are possible interpretations, not proof of new users or healthy leverage. Incentives, market makers and volatility can affect both.
A weekly research checklist
Record the source and UTC timestamp. Compare the same set of markets across weeks. Then examine fees, liquidations and liquidity alongside the activity figures. Do not calculate changes by comparing an incomplete day with a completed day.
Further reading & sources
By the PerpsAtlas research desk · Educational analysis · Published 22 September 2026.
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