Open interest changes

What a rise or fall in open interest means, and how Knowla compares two trading days.

Open interest rises when new contracts are opened and falls when existing ones are closed. A change in a contract's open interest therefore says that positioning moved, and by how much. It does not say which side moved it: a rise can be a buyer or a seller opening, and a fall can be either closing out.

What a large change can mean

A big rise at a strike with little open interest before: new positioning, possibly a spread or a hedge being built.
A big fall: positions being closed or rolled to another expiry. Compare the neighboring expiries to see if the interest moved rather than vanished.
A change near the money matters more for hedging than the same change far out.

How the days are cut

A trading day here runs from 08:00 to 08:00 UTC, because that is when Deribit expiries settle. Each day is summarised at its last collection, and two days are compared at those moments. Contracts that expire in between are counted but not listed, since their open interest falls to zero by definition.

The Changes page puts the two days side by side for the whole book: the weather, the walls, the flip, max pain, put/call, IV, and which expiries rolled off or were listed. It colors only the lines where the regime itself moved.

See it on the data.

Open OI Delta