Magic Eden(ME) - Futures Open Interest

Magic Eden (ME) open interest refers to the total number of active futures contracts for ME that have not been closed or settled. It indicates how much capital is currently locked in ME's futures market and is often used to measure market activity and sentiment.

In crypto trading, open interest for ME tracks the number of outstanding futures contracts at any given time. A rise in open interest often signals increased participation or trend continuation, while a sharp drop may indicate position closures or loss of confidence.

Futures open interest is a key metric that reflects the total number of open contracts in a specific futures market. Unlike trading volume, which counts completed transactions, open interest only tracks active contracts. It's a crucial indicator for assessing market depth, liquidity, and trader conviction.