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What the capital we read is exposed to outside crypto. Held instruments, stablecoin reserves, and the part we have not classified, as separate figures, because they answer different questions.
These are never added together. A tokenised Treasury bill is a claim on a named instrument; a USDC balance is a claim on a stablecoin whose issuer says it holds bills, at a size the issuer chooses and reports on its own schedule. One headline covering both would overstate the named position roughly thirty-fold.
Synthetic
Open positions on Ostium, 1,159 of them. Crypto on the same venue ($376.7k) is excluded: this is a picture of real-world exposure, not of a venue.
Notional on each side. A class that is almost entirely one way is a crowd, and a crowd unwinds together.
| Class | Long | Short | Trades | Tilt |
|---|---|---|---|---|
| forex | $2.75M | $900.0k | 87 | 75% long |
| commodities | $2.03M | $8.8k | 315 | 100% long |
| stocks | $1.02M | $2.4k | 217 | 100% long |
| indices | $160.6k | $388.3k | 198 | 29% long |
| etf | $49.5k | $312.2k | 56 | 14% long |
No open interest figure. The pair-level longOI/shortOI reconcile with neither 1e6 nor 1e18 against the summed notional of that pair’s open trades — BTC reads 2.02 at 1e18 where its open positions total tens of thousands of dollars — so the field is denominated in the base asset rather than dollars. Published as null rather than under a divisor we guessed.
Synthetic · Veranta (formerly Avantis)
202 pairs. Crypto on the same venue ($5.43M) is excluded, as on Ostium. Open interest as the venue reports it, already in USD. Ostium’s comparable figure is summed notional over a capped sample and is a floor; these are not the same measurement and are not added together. The venue renamed itself from Avantis to Veranta on 2026-09-14; it is one venue and counted once. Its liquidity pools, which take the other side of these trades, hold $9.88M.
4,603 addresses have traded on Veranta since its v2 protocol went live (first seen 2026-08-15), 1,986 of them in the last seven days. 0 are agents paid for work on the ACP rail, and 16 own a registered ERC-8004 agent identity.
Read from the trading contract’s own event, because the venue’s public trade feed names no trader and every transaction is sent by its relayer. The two matches are not added: the owner of an agent identity may be the person behind the agent rather than the agent. Every trade we sampled went through this one contract; a second entry point would be missed, so the count is a floor. Counted 8 minutes ago; the match is expensive enough to hold for a quarter of an hour rather than recount it for every reader.
The venue caps exposure per class. A class near its cap is not a class without demand. It is one that cannot take more, which reads identically in an open-interest figure and does not mean the same thing.
What we read at all: the perimeter. Synthetic exposure, meaning perpetuals on equities, commodities and FX, is indexed at venue level: $71.40M across Ostium and Veranta (formerly Avantis), shown above. It is not part of the capital-held figure and none of it is attributed to an agent: these are the venues’ own open positions, not holdings we can trace to a machine-managed vault.
| Class | Open interest | Cap | Used | Pairs |
|---|---|---|---|---|
| forex | $50.97M | $83.11M | 61% | 18 |
| equities | $10.48M | $25.57M | 41% | 106 |
| crypto1crypto | $4.90M | $51.14M | 10% | 9 |
| commodities | $2.32M | $31.97M | 7% | 5 |
| crypto2crypto | $317.6k | $19.18M | 2% | 26 |
| crypto4crypto | $192.8k | $5.11M | 4% | 25 |
| crypto3crypto | $24.1k | $3.20M | 1% | 13 |