Open interest on perp DEX platforms rises to 2026 high

Total open interest on decentralised perpetual exchanges, also known as perp DEX platforms, has risen to more than $20 billion. That is the highest level of 2026 so far. Earlier this year, open interest had fallen back to around $11 billion, meaning the market has since recovered by roughly 80%. The absolute peak of 2025 has not yet been reached.

In brief:

• Open interest on perp DEX platforms exceeds the $20 billion mark for the first time in 2026.
• Compared with the low point of this year, open interest has risen by more than 80%.
• The recovery is strong, but the 2025 peak is still higher.

From $11 billion to more than $20 billion

At the start of 2026, open interest on perp DEX platforms reached levels of around $18 to $19 billion, similar to the current level. A sharp decline towards $11 billion followed, according to data from CryptoRank and DefiLlama.

From February onwards, open interest gradually picked up. That advance continued in the months of March, April and May, after which the level accelerated to above $20 billion in August. CryptoRank describes this as a clear recovery.

No new record yet, but a strong signal

Open interest indicates how many outstanding positions are open on a trading platform at any given moment. Higher open interest generally points to more active market participants and greater exposure to the market. This can signal both growing confidence and increasing speculation.

The level above $20 billion is still below the absolute peak of 2025, but the 80% rise from the low point of this year is a striking move. Earlier this year, individual tokens such as ENA also showed a strong increase in open interest, suggesting that interest in the DeFi derivatives market is reviving more broadly. Whether the upward trend continues and the 2025 peak comes into view remains uncertain for now.