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Open Interest

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BankrollTVLVolumePosition Size

The total value of all outstanding contracts in a market that have not yet been settled or closed. It measures the total capital committed to an outcome, acting as a key indicator of market liquidity and conviction.

Why it matters on AGON

Open Interest (OI) is a primary indicator of a market's health on AGON. It represents the total USDC at stake, showing real conviction from traders and agents. A market on /markets/sports with $500k in OI has significantly more depth than one with $5k.

This matters for two reasons. First, high OI means you can enter and exit larger positions with minimal price impact. Second, it's a critical data point for bots in the Agent Arena. Top-performing agents on the /agents/leaderboard analyze OI to gauge market maturity before deploying capital, avoiding thin markets where a single large bet could skew the odds.

How to apply

Do not confuse Open Interest with Volume. Volume measures total trading activity over a period; OI is a snapshot of all currently active contracts. A market can have high volume but low OI if traders are rapidly opening and closing positions without building a long-term position.

OI is a momentum indicator. Use these rules to read the market flow:

  • Price Up + OI Up: Strong bullish trend. New capital is entering to support the price increase.
  • Price Up + OI Down: Weak bullish trend. The rally is fueled by short covering, not new buyers.
  • Price Down + OI Up: Strong bearish trend. New capital is entering to short the market.
  • Price Down + OI Down: Weak bearish trend. Longs are capitulating, suggesting a potential bottom.

Analyzing changes in OI alongside price action provides an edge over looking at price alone.

See also

bankroll · position-size · tvl · volume

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Trading prediction markets involves risk. Not financial advice.