Beacon
Trade PAXG

PAXG (PAXG) Open Interest

Live open interest data for PAXG perpetuals on Hyperliquid. Track the total value of outstanding derivative contracts and understand market positioning.

Current Open Interest
$76.00M

Total value of all outstanding PAXG perpetual contracts

Market Context

Open Interest
$76.00M
Volume 24h
$7.08M
Funding (8h)
-0.0006%
Price
$5,003.5
+0.59%
OI / Volume Ratio
10.73x
Position holding

OI + Price Interpretation

Short Squeeze Potential

Price is rising but funding is negative, meaning shorts are paying longs. This could indicate a developing short squeeze where rising prices force short sellers to close positions, further pushing the price up.

Price Direction
Up 0.59% (24h)
Funding Direction
Negative (Shorts pay)

Sentiment Context

81.5% Long18.5% Short
Long Traders
139
Short Traders
36
Long Value
$32.50M
Short Value
$7.38M

Sentiment data from top leaderboard traders on Hyperliquid. Combined with open interest data, this shows both the total market exposure and the directional bias of successful traders.

Understanding Open Interest

Open interest (OI) represents the total number of outstanding derivative contracts that have not been settled. In perpetual futures, every position has both a buyer (long) and a seller (short), so OI counts one side of the pair. When a new long and short position are opened, OI increases. When a position is closed, OI decreases.

For PAXG (PAXG), open interest is a key indicator of market participation and conviction. Rising OI means new money is entering the market, while falling OI means positions are being closed. The direction of OI change combined with price movement provides important signals about trend strength and potential reversals.

The OI/Volume ratio is particularly useful. A high ratio (above 1x) indicates that traders are holding positions rather than day trading, suggesting conviction in the current trend. A low ratio (below 0.5x) suggests more speculative, short-term activity. The current PAXG OI/Volume ratio of 10.73x indicates position holding behavior with strong conviction.

Frequently Asked Questions

PAXG (PAXG) currently has $76.00M in open interest on Hyperliquid. Open interest represents the total value of all outstanding perpetual contracts that have not been settled. It includes both long and short positions and indicates the total amount of capital deployed in active PAXG derivative positions.
Increasing PAXG open interest means more capital is entering the market through new positions being opened. When OI rises with the price, it typically confirms an uptrend as new longs are being opened. When OI rises while price falls, it may indicate new shorts are being opened, confirming a downtrend. High OI also means more positions are at risk of liquidation.
Decreasing PAXG open interest means positions are being closed. When OI falls while price rises, it could indicate shorts are closing (short covering rally). When OI falls while price drops, it could indicate longs are closing. Declining OI often signals that a trend may be losing momentum as traders take profits or cut losses.
The current PAXG OI/Volume ratio is 10.73x. This ratio compares open interest to 24-hour trading volume. A high ratio (above 1x) suggests positions are being held longer, indicating conviction. A low ratio (below 0.5x) suggests more day trading activity with positions being opened and closed quickly.
Open interest data for PAXG can be a valuable indicator: 1) Rising OI + rising price = bullish confirmation, consider long positions. 2) Rising OI + falling price = bearish confirmation, consider short positions. 3) Falling OI + rising price = short covering, trend may be weakening. 4) Falling OI + falling price = long unwinding, selling pressure may ease. Combine OI data with funding rates and sentiment for a complete picture.

Related Pages

PAXG OverviewPAXG Funding RatePAXG LiquidationsWhat is Open Interest?

Trade PAXG Perpetuals on Hyperliquid

Track open interest in real-time and trade PAXG with professional tools, sentiment data, and liquidation alerts.

Start Trading All Markets
Signals on Telegram|Join Discord