The ratio of total futures liquidations to open interest. This metric measures how much of the outstanding futures positions are being forcibly closed.

Higher values indicate more aggressive deleveraging relative to the size of open positions. This metric can be viewed per exchange, as an intersection (only exchanges present in both sources), or aggregated across all exchanges (default).

This is the Point-in-Time (PiT) variant of Liquidations / Open Interest. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.