BackQuant Glossary
OKX
A major centralized derivatives exchange offering perpetuals, futures, and options. OKX is one of the primary aggregation sources for crypto options open interest alongside Deribit, Bybit, and Binance.
Related terms
Bybit
A major centralized derivatives exchange. Originally known for perpetual futures, Bybit has grown into a meaningful options venue and a primary aggregation source for crypto positioning data.
Deribit
The dominant crypto options exchange, holding the majority of global BTC and ETH options open interest. Deribit standard expiries settle Friday at 08:00 UTC. The DVOL and ETH DVOL volatility indices are calculated from Deribit option prices.
Futures
A standardized contract to buy or sell an asset at a set price on a future date. Crypto futures with fixed expiries exist alongside perpetual futures (perps) which never expire. Quarterly futures concentrate the most open interest.
Long
A position that profits when price rises. Buying spot, going long a perp, owning a call, or being short a put are all long positions. Opposite of short.
Open Interest (OI)
The total number of outstanding contracts (options or futures) that have not been closed. Rising OI on a rally signals new long positioning. Falling OI on a rally signals shorts covering. OI distribution across strikes drives gamma exposure shape.
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