Yes, let’s take the BTCUSDT.PERP contract as an example:

• User A opens a position with a notional value of 20,000 USDT.
  • Total Open Interest increases to 20,000 USDT.
• User B opens a position with a notional value of 35,000 USDT.
  • Total Open Interest increases to 55,000 USDT (20,000 + 35,000 USDT).
• User C opens a position with a notional value of 50,000 USDT.
  • Total Open Interest increases to 105,000 USDT (55,000 + 50,000 USDT).

If User A then closes their position:

• Total Open Interest decreases to 85,000 USDT (105,000 – 20,000 USDT).