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curl -X GET "https://api.strike.markets/market/BTC-USD"

{
  "symbol": "BTC-USD",
  "position_multiplier": "0.000001",
  "long_funding_rate_hourly": "0.000125",
  "short_funding_rate_hourly": "-0.000075",
  "long_funding_rate_annual": "1.095",
  "short_funding_rate_annual": "-0.657",
  "long_oi": "2500000.00",
  "short_oi": "1800000.00",
  "total_oi": "4300000.00",
  "skew": "0.1628",
  "volumeUsd24h": "45000000.00",
  "volumeUsdTotal": "2340000000.00"
}

curl -X GET "https://api.strike.markets/market/BTC-USD"

{
  "symbol": "BTC-USD",
  "position_multiplier": "0.000001",
  "long_funding_rate_hourly": "0.000125",
  "short_funding_rate_hourly": "-0.000075",
  "long_funding_rate_annual": "1.095",
  "short_funding_rate_annual": "-0.657",
  "long_oi": "2500000.00",
  "short_oi": "1800000.00",
  "total_oi": "4300000.00",
  "skew": "0.1628",
  "volumeUsd24h": "45000000.00",
  "volumeUsdTotal": "2340000000.00"
}

​
Overview

Get detailed open interest breakdown for a specific trading market. Open Interest (OI) represents the total value of outstanding positions and is a key indicator of market activity, liquidity, and directional bias. Strike Protocol tracks OI separately for long and short positions, providing insights into market sentiment and potential price movements.
This endpoint does NOT require authentication and provides real-time open interest data for all users.

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Path Parameters

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symbol
string
required
Trading pair symbol to get open interest for.Supported values: “BTC-USD”, “ETH-USD”, “SOL-USD”
Example: “BTC-USD”

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Response Fields

​
symbol
string
Trading pair identifier that was queried
​
longOI
string
Total USD value of long positions in the market
​
shortOI
string
Total USD value of short positions in the market
​
totalOI
string
Combined open interest (longOI + shortOI)
​
imbalance
string
Open interest imbalance percentage showing directional bias
  • Positive: More long than short positions (long-heavy)
  • Negative: More short than long positions (short-heavy)
  • Near zero: Balanced market

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Open Interest Mechanics

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What Open Interest Represents

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Position Value

Open Interest measures the total USD value of all outstanding positions:
  • Long OI: Sum of all long position sizes
  • Short OI: Sum of all short position sizes
  • Total OI: Combined exposure in the market

​
Market Activity

OI provides insights into:
  • Market engagement: Higher OI = more active participation
  • Liquidity depth: More positions = more potential liquidity
  • Capital allocation: Where traders are putting their money
  • Market maturity: Established markets tend to have higher OI

​
Imbalance Calculation

Imbalance % = ((Long OI - Short OI) / Total OI) × 100

​
Interpretation Examples

Long-Heavy Market: 
Long OI: $2,500,000
Short OI: $1,800,000
Total OI: $4,300,000
Imbalance: +16.28% (long-heavy)
Short-Heavy Market: 
Long OI: $1,200,000  
Short OI: $2,100,000
Total OI: $3,300,000
Imbalance: -27.27% (short-heavy)
Balanced Market: 
Long OI: $1,500,000
Short OI: $1,450,000
Total OI: $2,950,000
Imbalance: +1.69% (nearly balanced)

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Market Implications

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Directional Bias

  • +20% to +50%: Moderate bullish bias
  • +50%+: Strong bullish sentiment
  • -20% to -50%: Moderate bearish bias
  • -50%-: Strong bearish sentiment
  • ±10%: Balanced, no clear directional bias

​
Funding Impact

OI imbalance directly affects funding rates:
  • Long-heavy: Longs typically pay funding to shorts
  • Short-heavy: Shorts typically pay funding to longs
  • Balanced: Minimal funding rate pressure

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Volatility Indicators

  • High total OI: Potential for significant price moves when positions close
  • Extreme imbalance: Risk of cascading liquidations
  • Growing OI: Increasing market interest and potential volatility

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Error Responses

​
400 Bad Request
object
Invalid symbol parameter
{
  "error": 400,
  "message": "Invalid symbol: XYZ-USD"
}
​
404 Not Found
object
Symbol not found or not supported
{
  "error": 404,
  "message": "Market not found: ABC-USD"
}
Use OI data to identify market opportunities and risks. Extreme imbalances often precede significant price movements, while balanced OI suggests stable, liquid markets.
Extreme OI imbalances can lead to cascading liquidations and high volatility. Exercise caution when trading in markets with >40% imbalance.