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