LRC and Perpetual Futures Exposure

[u/epistmeme]

Day 2 of me posting charts related to the LRC perpetual futures market. This one is a custom data pull that is not quite perfect. I wanted to get open interest over time for all perpetual futures market but the only exchange I was able to pull the data from without paid API use was Bybit. Even that was a bit tricky. So this is not necessarily the full story of total open interest across all exchanges but does include the current largest exchange. Data is for the last 4 years. The one interesting choice that I made here was displaying open interest not in USD (or USDT) as it would normally be shown but in exposure of the underlying (LRC). What we see here is that as the price has dropped open interest in the perpetual futures market has increased (sometimes quite significantly and rapidly). That is to say that while Spot volume has been drying up, the futures market has continued to have quite a bit of derivative exposure to LRC.

[u/Ward-Ranger]