Definition. The total amount (in USD value) allocated in open perpetual futures contracts that are collateralized with cash.

Technical. Perpetual futures contracts are a type of derivative that allows traders to speculate on the price of digital assets without an expiration date.

Interpretation. The metric is useful for assessing the level of market participation and the amount of capital at risk in cash-margined perpetual futures. Answers questions of the form: what is the total cash-margined open interest for BTC perpetual futures across all exchanges?