Leverage & Liquidations
How much is bet on crypto with borrowed money, who pays whom to keep those bets open, and who gets wiped out. When too many traders bet the same way with leverage, a small move can force their positions closed and push the price much further.
- Binance $16.0B
- Hyperliquid $9.34B
- OKX $6.95B
- Bitget $6.67B
- Bybit $5.27B
Bitcoin is 43% of it. At Binance, Bybit, OKX, Bitget and Hyperliquid, each position counted once. Updated 9 Nov 2026; funding rates refresh live .
How hot is the leverage?
The funding rate is the price of betting on a rise with borrowed money. The exchanges’ default is 10.95% a year (0.01% every 8 hours). Far above it, long bets are crowded; below zero, more traders bet on a fall.
Bitcoin +8.6%Ether −4.1%Whole market +3.9%
- Shorts are paying More traders bet on a fall than on a rise, and they pay to keep it.
- Calm Little demand for leverage: below the exchanges’ default rate.
- Normal About the exchanges’ default rate (10.95% a year): a balanced market.
- Heated Traders pay extra to bet on a rise. Long positions are crowded.
- Overheated Very crowded long bets. Sharp drops have often followed, as leveraged longs get liquidated.
Liquidations, live
Positions closed by force right now, streamed from Binance, Bybit and OKX while this page is open. A liquidated long means forced selling; a liquidated short, forced buying.
- Waiting for the first liquidation. In calm markets there can be a few quiet minutes.
Binance sends at most one liquidation per coin per second (the biggest), so the real totals are higher. Liquidations on Hyperliquid and other exchanges aren’t included. Not available in some countries where these exchanges block access.
Funding and open interest by coin
The 30 coins with the most open interest. Funding is per year: positive means longs pay shorts, negative means shorts pay longs. “Average” is weighted by each exchange’s open interest.
| # | Coin | Open interest | Price | Average | Binance | Bybit | OKX | Bitget | Hyperliquid |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BTC | $19.2B | $74,240 | +8.6% | +11.0% | +0.1% | +10.8% | +11.0% | +5.9% |
| 2 | ETH | $10.7B | $2,110 | −4.1% | −4.0% | −5.9% | −1.4% | −2.1% | −8.1% |
| 3 | HYPE | $2.46B | $72.95 | +8.6% | +8.2% | +11.0% | +3.1% | −9.9% | +11.0% |
| 4 | SOL | $2.21B | $86.31 | −3.7% | −5.0% | +4.5% | +1.6% | −0.9% | −12.4% |
| 5 | ZEC | $1.43B | $1,210 | +12.1% | +11.0% | +11.0% | +11.0% | +22.6% | +11.0% |
| 6 | XRP | $951M | $1.09 | +2.2% | +7.6% | +1.8% | +2.3% | +0.5% | −7.1% |
| 7 | BNB | $550M | $681 | −0.4% | 0.0% | −3.3% | −1.2% | +0.8% | −1.4% |
| 8 | DOGE | $467M | $0.0689 | −1.6% | −1.0% | +4.8% | +1.3% | +1.9% | −18.8% |
| 9 | NEAR | $449M | $3.51 | −1.3% | +11.0% | +5.3% | +7.0% | −1.6% | −19.4% |
| 10 | UNI | $296M | $6.66 | +6.7% | +3.4% | +11.0% | +9.7% | +3.6% | +11.0% |
| 11 | PEPE | $279M | $0.00509 | +10.4% | +11.0% | +11.0% | +11.0% | +7.0% | +11.0% |
| 12 | XMR | $237M | $596 | +107% | +28.1% | +11.0% | — | +29.2% | +154% |
| 13 | LINK | $227M | $10.37 | −1.0% | +6.8% | +8.6% | +2.9% | +1.2% | −23.3% |
| 14 | SUI | $208M | $0.818 | +5.4% | +6.7% | −4.8% | +6.6% | +6.4% | +11.0% |
| 15 | LIT | $207M | $3.07 | +11.0% | +11.0% | +11.0% | +11.0% | +11.0% | +11.0% |
| 16 | ENA | $198M | $0.148 | +8.1% | +11.0% | +11.0% | +5.9% | +11.0% | +2.5% |
| 17 | XAUT | $163M | $4,086 | +3.1% | +11.0% | +11.0% | — | −20.6% | — |
| 18 | LTC | $163M | $50.37 | −1.9% | −0.9% | +2.8% | −2.5% | +1.5% | −15.8% |
| 19 | ADA | $161M | $0.174 | +5.1% | +2.3% | +11.0% | +11.0% | +5.9% | −1.0% |
| 20 | WLD | $161M | $0.315 | −0.7% | +6.0% | −12.9% | +4.4% | −3.4% | −8.2% |
| 21 | AAVE | $161M | $129 | +8.3% | +7.2% | +11.0% | +9.7% | +9.4% | +7.2% |
| 22 | ASTER | $151M | $0.633 | +10.8% | +11.0% | +11.0% | +9.2% | +11.0% | +11.0% |
| 23 | PUMP | $145M | $0.00352 | +8.0% | +6.4% | — | +8.6% | +2.4% | +11.0% |
| 24 | TRX | $141M | $0.316 | −23.2% | −21.4% | −31.7% | −21.5% | −20.7% | −17.8% |
| 25 | AVAX | $137M | $7.94 | +5.1% | +3.9% | +11.0% | +4.1% | +1.2% | +5.9% |
| 26 | TAO | $128M | $214 | +7.5% | +6.5% | +11.0% | +11.0% | +1.1% | +11.0% |
| 27 | ONDO | $98.7M | $0.351 | +1.6% | +7.7% | −9.3% | +9.2% | −8.3% | +11.0% |
| 28 | ZRO | $94.9M | $1.48 | −0.3% | +3.5% | +11.0% | +7.6% | +11.0% | −7.7% |
| 29 | VVV | $92.1M | $19.68 | −20.6% | +11.0% | −87.4% | +11.0% | +11.0% | −25.3% |
| 30 | BCH | $61.7M | $238 | +0.4% | — | +11.0% | −14.4% | +11.0% | +6.2% |
The small bar under open interest shows each exchange’s share (colors as in the bar at the top). — means the coin isn’t traded there or has no funding. Funding rates refresh while the page is open; open interest is from 9 Nov 2026.
Most crowded longs
Coins with at least $20.0M open interest and funding above +15% a year: traders pay most to bet on a rise.
- XMR+107%$237M
Most crowded shorts
Coins with at least $20.0M open interest and funding below zero: traders pay to bet on a fall. A sudden rise can squeeze these shorts.
- AERO−35.2%$39.8M
- WLFI−34.0%$43.9M
- TRX−23.2%$141M
- VVV−20.6%$92.1M
- DOT−7.8%$40.9M
- ETH−4.1%$10.7B
- SOL−3.7%$2.21B
- LTC−1.9%$163M
Bitcoin and Ether leverage since 2019
Funding from Binance since September 2019 (7-day average, per year) and open interest from Bybit since mid-2020, with the price. The default funding (10.95% a year) is the dashed line. Funding spikes have marked crowded tops; long stretches below zero, fear near bottoms.
Shares, gold and oil on crypto exchanges
Crypto exchanges now also offer futures on shares, gold, silver and oil, traded around the clock: $5.37B of open interest across 324 markets. They are left out of every crypto figure above.
| # | Market | Open interest | Funding, a year | Traded on |
|---|---|---|---|---|
| 1 | XAU | $685M | +0.7% | Bybit, OKX, Bitget, Binance |
| 2 | SPCX | $588M | +1.2% | Bybit, OKX, Bitget, Binance |
| 3 | SNDK | $561M | +25.9% | Bybit, OKX, Bitget, Binance |
| 4 | SOXL | $521M | +27.4% | Bybit, OKX, Bitget, Binance |
| 5 | SKHYNIX | $486M | +12.9% | Bybit, OKX, Bitget, Binance |
| 6 | XAG | $346M | 0.0% | Bybit, OKX, Bitget, Binance |
| 7 | GOOGL | $295M | 0.0% | Bybit, OKX, Bitget, Binance |
| 8 | MU | $286M | +18.3% | Bybit, OKX, Bitget, Binance |
| 9 | CL | $245M | −70.5% | Bybit, OKX, Bitget, Binance |
| 10 | QQQ | $206M | +0.6% | Bybit, OKX, Bitget, Binance |
| 11 | INTC | $193M | +4.4% | Bybit, OKX, Bitget, Binance |
| 12 | MSTR | $63.4M | +11.5% | Bybit, OKX, Bitget |
How it works
- Leverage: trading with borrowed money. With 10× leverage, $1,000 of your own controls a $10,000 position, and a 10% move against you wipes it out.
- Perpetual futures: bets on a coin’s price that never expire. They are where almost all crypto leverage is.
- Open interest: the value of all bets still open. Rising open interest means new money is borrowing to bet.
- Funding rate: the small payment between longs and shorts that keeps the futures price close to the real price.
- Liquidation: the exchange closes a losing position by force when the trader’s margin runs out.
How to read it
- Price up, open interest up, funding high: the rise is driven by borrowed money. It can reverse fast, as longs are liquidated one after another.
- Price down, funding below zero: many are betting on a fall. If the price turns up, shorts are forced to buy (a short squeeze).
- Open interest falling fast: leverage is being flushed out, often in a sharp move. Afterwards the market is usually calmer.
The biggest flush so far came on 10 October 2025, when more than $19 billion of positions were liquidated in a day. None of this predicts the price by itself; it shows how fragile a move is.
Before you use leverage
Most traders who use high leverage lose money: fees and funding add up, and one sharp move can wipe out the deposit. If you do, use little, set a stop, and never borrow to hold a coin you’d otherwise keep.
Read about the psychology of trading, compare exchanges, and see the Fear & Greed Index andExchange Reserves for the rest of the picture.
Frequently asked questions
What is open interest?
The total value of futures positions that are still open. Every contract has a buyer (long) and a seller (short), counted once. On 9 Nov 2026 it was $44.3B for crypto at these five exchanges, $19.2B of it in Bitcoin.
What does the funding rate mean?
Perpetual futures never expire, so exchanges keep their price close to the real price with small payments between traders, usually every 8 hours. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. We show it per year to compare exchanges that pay every 1, 4 or 8 hours.
Is the leverage high right now?
Bitcoin’s funding is +8.6% a year (normal); the whole market, weighted by open interest, +3.9% (calm). The exchanges’ default is 10.95% a year (0.01% every 8 hours).
What is a liquidation?
When a trade made with borrowed money loses about as much as the trader’s own deposit (margin), the exchange closes it by force. Liquidated longs mean forced selling, liquidated shorts forced buying, which can push the price further and set off more liquidations (a cascade).
Where is the total of liquidations for the last 24 hours?
Exchanges stream each liquidation as it happens, but don’t publish free totals or history. This page shows them live from the moment you open it. Binance sends at most one liquidation per coin per second (the biggest), so its numbers are a lower bound.
Data: the public market data of Binance, Bybit, OKX, Bitget and Hyperliquid: open interest and funding when the page is built (funding refreshed in your browser), liquidations streamed live, Binance funding and long/short ratios, Bybit open interest and prices for the history. Each exchange’s USDT (or USDC) perpetual futures; OKX also its USD ones. Not financial advice.
