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.