2025-12-08 10:27:57

Trading volume gets all the attention, but here's what actually matters: the OI-to-volume ratio. This tells you who's genuinely taking positions versus who's just farming incentives.

Think about it. High volume with low open interest? That's wash trading territory. Low OI/volume means capital is sticking around, not just rotating for rewards.

Paradex and Hyperliquid stand out here with notably low ratios. Their users are actually holding positions, not gaming the system for points.

Meanwhile, platforms with inflated OI/volume numbers might look busy on paper, but scratch the surface and you'll find a different story. It's the difference between real liquidity depth and theatrical trading activity.

When evaluating perpetual DEXs, don't just chase TVL rankings or volume leaderboards. Check how much skin traders actually have in the game.

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PanicSeller

· 2025-12-11 10:27

Oi, I haven't really paid much attention to volume from this perspective before. I used to only look at the trading volume rankings. Thinking about it now, it's really easy to get fooled.

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LidoStakeAddict

· 2025-12-11 00:12

Oi Bi Zhen is really a truth detector; the group that boosts views is seen through at a glance. Paradex does have some substance; users are truly holding positions rather than just exploiting the system.

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NFTPessimist

· 2025-12-08 10:51

This logic is correct... but in reality, there aren't many traders who truly dare to go all in. Most are still just skirmishing here and there.

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AirdropworkerZhang

· 2025-12-08 10:48

The OI ratio is really underestimated. Everyone is just watching the trading volume, not realizing it could all be wash trading... Paradex and Hyperliquid are truly impressive—users are actually holding positions, not just farming rewards every day.

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ChainSpy

· 2025-12-08 10:39

Wow, really? There are still people who only look at trading volume... The OI/volume ratio is what really matters. High volume and low OI just means wash trading, they're just playing around.

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