---
title: "Estimated Leverage Ratio"
method: GET
path: "/btc/market-indicator/estimated-leverage-ratio"
tags: ["BTC Market Indicator"]
---

# Estimated Leverage Ratio

`GET /btc/market-indicator/estimated-leverage-ratio`

By dividing the open interest of an exchange by their BTC reserve, you can estimate a relative average user leverage. Whenever the leverage value reaches a high, there is rapid volatility. Similar to Open Interest, but more accurate because it reflects the growth of the exchange itself. This is experimental indicator but it seems this reflects market sentiment. You can see how aggressive people are and how conservative they are in terms of investment. For 'In Progress' exchanges, estimated leverage ratio is not supported yet even though they provide open interest.
__[Go to Data Guide‣](https://dataguide.cryptoquant.com/market-indicators/estimated-leverage-ratio)__

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> **Note:** This endpoint does not support Point-In-Time (PIT) accuracy due to periodic updates to wallet address clustering. Historical data may change as new exchange wallets are discovered, added, and validated.

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**📖 Data Guide:** [Estimated Leverage Ratio](/data-guide/market/estimated-leverage-ratio) — definition, interpretation, and chart examples.

## Query parameters

- `exchange` string, required
- `window` string
- `from` string
- `to` string
- `limit` integer
- `format` string

## Response `200`

The amount of open interest of exchange divided by their BTC reserve

- object
  - `status` object, required — The status object is return with most of requests and indicates if the request was successful. If it is not successful, error information is included.
    - `code` integer, required — HTTP status code
    - `message` string, required — Text description of the error or success.
  - `result` object, required
    - `window` string, required — The size of window. It can be day or block, and it depends on the user request.
    - `data` object[], required
      - `blockheight` string — The height of the block. This optional field only appears when window=block is used.
      - `date` string — The date in YYYY-DD-MM. This optional field only appears when window=day is used.
      - `datetime` string — The date and time formatted as YYYY-MM-DD HH:MM:SS (UTC time). This field only appears when window=block is used.
      - `estimated_leverage_ratio` number, required — The amount of open interest in the given period and exchange divided by the BTC reserve of given exchange

---

[API](https://skmtc.net/cryptoquant/apis/cryptoquant-data-api.md) · [All operations](https://skmtc.net/cryptoquant/apis/cryptoquant-data-api/llms.txt) · [OpenAPI document](https://skmtc-service-staging.skmtc.workers.dev/v1/apis/cryptoquant/cryptoquant-data-api/versions/81ee223d4908/schema)