Open interest

Open interest is the number of derivative contracts outstanding and not yet closed or delivered. Open interest that is large relative to deliverable supply is the classic precondition for a squeeze.

instruments and markets · updated 2026-10-16

Where does open interest come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Cornering — Cornering is acquiring control of the deliverable supply of an asset while holding a large long derivative position in it, so that short sellers cannot obtain the asset and must settle on the cornerer's terms.
• Delivery squeeze — A delivery squeeze is controlling the certified stocks, warrants or logistics needed to satisfy a futures contract, so that short sellers cannot deliver even where the commodity exists elsewhere.

Enforcement actions involving these techniques

See also

• Deliverable supply — Deliverable supply is the quantity of a commodity that meets a futures contract's grade, location and timing requirements and can …
• Futures contract — A futures contract is a standardised agreement to buy or sell an asset at a set price on a set future date, traded on a designated…

Terms that refer here

Futures contract · Position limit

Back to the full glossary — 282 defined terms.