# Ventuals MAG7 Open interest Methodology

## 1. Overview

This page covers the MAG7 market (`vntl:MAG7`) on Ventuals, one of the markets deployed under the `vntl` namespace on Hyperliquid HyperCore. The calculation is identical across all Ventuals markets; the figures on this page are scoped to the MAG7 market.

Open interest measures the total USD notional value of all open positions on a derivatives protocol at a point in time. It is utilized as a leading indicator of speculative activity and capital at risk, complementary to trading volume. By aggregating the net outstanding positions across all traders, insights into the depth and growth of the platform's derivative markets are provided. Positions that have already been closed or liquidated within the period are excluded from open interest.

## 2. Data sources

- **Blockchain events**: `node_fills` events from Hypercore contracts, covering the Hypercore chain
- **External data**: End-of-day mark prices derived from the latest fill prices of the perpetual markets

## 3. Step-by-step calculation

### Component A: Perpetual market net position change tracking

- **Purpose**: Calculate the daily net change in position size for each trader and market
- **Logic**: Node fill events are parsed from Hypercore contracts. Events are filtered to isolate Ventuals markets, which are identified by the `vntl:` prefix. For each transaction, the net change in position size is calculated based on the trade side, where buy trades increase the position and sell trades decrease the position. These net changes are aggregated daily for each unique combination of trader address and market.
- **Key fields**: `block_timestamp`, `account_address` (trader address), `coin` (market ID), `side`, `size`

### Component B: Running position and market open interest calculation

- **Purpose**: Determine the total outstanding open interest units per market
- **Logic**: The daily net position changes are accumulated over time for each trader and market to reconstruct the running position. A forward-fill operation is applied to ensure that days without trading activity do not reset the running positions. The absolute values of these running positions across all traders are summed and divided by two to calculate the one-sided open interest units for each market.
- **Key fields**: `running_position`, `oi_units`

### Component C: End-of-day valuation and USD conversion

- **Purpose**: Value the open interest units in USD using the latest market prices
- **Logic**: End-of-day mark prices are extracted from the latest fill price observed for each market daily. These prices are forward-filled across non-trading days to maintain valuation continuity. The open interest units for each market are multiplied by their respective end-of-day mark prices to determine the USD notional open interest. Product identifiers are mapped to canonical names (such as ANTHROPIC Perpetual, BIOTECH Perpetual, DEFENSE Perpetual, ENERGY Perpetual, vntl:GOLDJM, INFOTECH Perpetual, MAG7 Perpetual, NUCLEAR Perpetual, OPENAI Perpetual, ROBOT Perpetual, SEMIS Perpetual, vntl:SILVERJM, SOY Perpetual, SPACEX Perpetual, and WHEAT Perpetual) using the market identifiers.
- **Key fields**: `eod_price_usd`, `open_interest`

## Comparability note (one-sided convention)
Open interest is reported using a one-sided convention, meaning each matched contract is counted only once (representing either the long or the short side of the position, but not both). Values that are approximately double the figures reported here are presented by sources utilizing a two-sided open interest convention.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total USD notional value of all open positions on a derivatives protocol at a point in time.

Open interest

Derivative markets

Ventuals earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. The default HIP-3 fee split allocates 50% of each user-paid fee to Hyperliquid and 50% to the deployer; deployerFeeScale is 1.0, so the standard split applies.

Ventuals offers USDC-settled perpetual contracts on pre-IPO / private companies (OpenAI, Anthropic, SpaceX), thematic equity baskets (MAG7, SEMIS, BIOTECH, DEFENSE, ENERGY, INFOTECH, NUCLEAR, ROBOT), and commodities (gold, silver, soybeans, wheat). All 15 markets are deployed under the HIP-3 `vntl` namespace and execute on Hyperliquid's HyperCore order book.

Ventuals is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x8888888192a4a0593c13532ba48449fc24c3beda. Ventuals is operated as a private company; no token has been issued.

MAG7 PerpetualMAG7

Open interest

Open interest