According to CoinMarketCap, the latest Top 10 perp DEXes by open interest highlights where perpetual futures positioning is most concentrated as of Nov 18, 2025. Source: CoinMarketCap, X, Nov 18, 2025, https://twitter.com/CoinMarketCap/status/1990742991967768818 Open interest is the number of outstanding derivative contracts and, together with price and volume, is used by traders to gauge participation and confirm trend strength. Source: CME Group, Volume and Open Interest, https://www.cmegroup.com/education/articles-and-reports/volume-and-open-interest.html In perpetual swaps, funding payments keep contract prices aligned with spot, so sustained positive funding indicates long-side positioning pressure while negative funding indicates short-side pressure. Source: Binance Support, What Is Funding Rate, https://www.binance.com/en/support/faq/360033525031 For setups, rising price with rising open interest often confirms trend continuation, while falling price with rising open interest can indicate short build-ups that elevate squeeze risk. Source: CME Group, Volume and Open Interest, https://www.cmegroup.com/education/articles-and-reports/volume-and-open-interest.html Perpetual contracts use margin and liquidation mechanisms, so position sizing and protective stops should account for potential liquidation cascades during high OI periods. Source: BitMEX, Perpetual Contracts Guide, https://www.bitmex.com/app/perpetualContractsGuide

According to @CoinMarketCap, a fresh snapshot of the Top 10 Perp DEXes by Open Interest highlights where on-chain perpetual futures positioning is most concentrated as of Nov 13, 2025, guiding venue selection for execution and risk management; source: @CoinMarketCap on X, Nov 13, 2025. Open Interest measures the number of outstanding contracts, and higher OI generally signals deeper liquidity and better price discovery, which can help reduce slippage when placing larger orders; source: CME Group Education on Open Interest. Traders can monitor changes in this ranking alongside funding rate moves because shifts in OI and funding dynamics often precede volatility when positioning becomes crowded; source: Binance Academy overview of perpetual funding rates.