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Data: The ratio of open interest to trading volume on contract DEXs such as Jupiter and Hyperliquid is significantly higher
2025-09-23 10:10

According to Odaily Planet Daily, Dragonfly partner Haseeb, based on a comparison of Coinglass data, pointed out that the open interest (OI) to trading volume ratios on some contract DEXs are significantly higher than those on mainstream CEXs. Data shows that Jupiter's 24-hour trading volume is approximately $259 million, but its open interest exceeds $1.02 billion, resulting in an OI/Volume ratio of 395%. Hyperliquid's OI/Volume ratio is 287%, with a 24-hour trading volume of $5.21 billion and an open interest of $14.94 billion. In comparison, the ratios for Binance, OKX, and Bybit are 92%, 80%, and 184%, respectively. Haseeb suggests that this discrepancy may be related to the pre- and post-TGE stages of token launches.