pandaOpen interest and funding: read them together
Work through the four checks below, then use the related tools or contact support if an account-specific question remains.
Open interest is not volume
Volume measures trading during a period. Open interest measures outstanding contracts at a point in time. Opening and closing trades can both contribute to volume while affecting open interest differently.
Funding is not a trading fee
Perpetual funding is a periodic payment mechanism between positions. Check the exchange, contract, direction, interval and caps. A displayed rate on one market is not a universal rate.
Use combinations as context
Rising prices and open interest may indicate added leveraged participation. Falling open interest may accompany position exits. Extreme funding may indicate crowding. None of these observations alone predicts the next move.
Keep comparisons consistent
Record the venue, contract, units, time window and collection time. Dollar-denominated open interest also changes with the underlying price; it is not a pure count of newly opened contracts.
This is an independently written practical guide. Product availability, network support and exchange terms can change. Verify the relevant product screen before acting; examples are not live quotes.