diff --git a/indexer/packages/v4-protos/src/codegen/dydxprotocol/perpetuals/perpetual.ts b/indexer/packages/v4-protos/src/codegen/dydxprotocol/perpetuals/perpetual.ts
index bde0abe52e..720980b76d 100644
--- a/indexer/packages/v4-protos/src/codegen/dydxprotocol/perpetuals/perpetual.ts
+++ b/indexer/packages/v4-protos/src/codegen/dydxprotocol/perpetuals/perpetual.ts
@@ -69,6 +69,9 @@ export interface Perpetual {
    */
 
   fundingIndex: Uint8Array;
+  /** Total size of open long contracts, measured in base_quantums. */
+
+  openInterest: Uint8Array;
 }
 /** Perpetual represents a perpetual on the dYdX exchange. */
 
@@ -81,6 +84,9 @@ export interface PerpetualSDKType {
    */
 
   funding_index: Uint8Array;
+  /** Total size of open long contracts, measured in base_quantums. */
+
+  open_interest: Uint8Array;
 }
 /**
  * PerpetualParams represents the parameters of a perpetual on the dYdX
@@ -280,6 +286,19 @@ export interface LiquidityTier {
    */
 
   impactNotional: Long;
+  /**
+   * Lower cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+   * IMF is not affected when OI <= open_interest_lower_cap.
+   */
+
+  openInterestLowerCap: Long;
+  /**
+   * Upper cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+   * IMF scales linearly to 100% as OI approaches open_interest_upper_cap.
+   * If zero, then the IMF does not scale with OI.
+   */
+
+  openInterestUpperCap: Long;
 }
 /** LiquidityTier stores margin information. */
 
@@ -323,12 +342,26 @@ export interface LiquidityTierSDKType {
    */
 
   impact_notional: Long;
+  /**
+   * Lower cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+   * IMF is not affected when OI <= open_interest_lower_cap.
+   */
+
+  open_interest_lower_cap: Long;
+  /**
+   * Upper cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+   * IMF scales linearly to 100% as OI approaches open_interest_upper_cap.
+   * If zero, then the IMF does not scale with OI.
+   */
+
+  open_interest_upper_cap: Long;
 }
 
 function createBasePerpetual(): Perpetual {
   return {
     params: undefined,
-    fundingIndex: new Uint8Array()
+    fundingIndex: new Uint8Array(),
+    openInterest: new Uint8Array()
   };
 }
 
@@ -342,6 +375,10 @@ export const Perpetual = {
       writer.uint32(18).bytes(message.fundingIndex);
     }
 
+    if (message.openInterest.length !== 0) {
+      writer.uint32(26).bytes(message.openInterest);
+    }
+
     return writer;
   },
 
@@ -362,6 +399,10 @@ export const Perpetual = {
           message.fundingIndex = reader.bytes();
           break;
 
+        case 3:
+          message.openInterest = reader.bytes();
+          break;
+
         default:
           reader.skipType(tag & 7);
           break;
@@ -375,6 +416,7 @@ export const Perpetual = {
     const message = createBasePerpetual();
     message.params = object.params !== undefined && object.params !== null ? PerpetualParams.fromPartial(object.params) : undefined;
     message.fundingIndex = object.fundingIndex ?? new Uint8Array();
+    message.openInterest = object.openInterest ?? new Uint8Array();
     return message;
   }
 
@@ -614,7 +656,9 @@ function createBaseLiquidityTier(): LiquidityTier {
     initialMarginPpm: 0,
     maintenanceFractionPpm: 0,
     basePositionNotional: Long.UZERO,
-    impactNotional: Long.UZERO
+    impactNotional: Long.UZERO,
+    openInterestLowerCap: Long.UZERO,
+    openInterestUpperCap: Long.UZERO
   };
 }
 
@@ -644,6 +688,14 @@ export const LiquidityTier = {
       writer.uint32(48).uint64(message.impactNotional);
     }
 
+    if (!message.openInterestLowerCap.isZero()) {
+      writer.uint32(56).uint64(message.openInterestLowerCap);
+    }
+
+    if (!message.openInterestUpperCap.isZero()) {
+      writer.uint32(64).uint64(message.openInterestUpperCap);
+    }
+
     return writer;
   },
 
@@ -680,6 +732,14 @@ export const LiquidityTier = {
           message.impactNotional = (reader.uint64() as Long);
           break;
 
+        case 7:
+          message.openInterestLowerCap = (reader.uint64() as Long);
+          break;
+
+        case 8:
+          message.openInterestUpperCap = (reader.uint64() as Long);
+          break;
+
         default:
           reader.skipType(tag & 7);
           break;
@@ -697,6 +757,8 @@ export const LiquidityTier = {
     message.maintenanceFractionPpm = object.maintenanceFractionPpm ?? 0;
     message.basePositionNotional = object.basePositionNotional !== undefined && object.basePositionNotional !== null ? Long.fromValue(object.basePositionNotional) : Long.UZERO;
     message.impactNotional = object.impactNotional !== undefined && object.impactNotional !== null ? Long.fromValue(object.impactNotional) : Long.UZERO;
+    message.openInterestLowerCap = object.openInterestLowerCap !== undefined && object.openInterestLowerCap !== null ? Long.fromValue(object.openInterestLowerCap) : Long.UZERO;
+    message.openInterestUpperCap = object.openInterestUpperCap !== undefined && object.openInterestUpperCap !== null ? Long.fromValue(object.openInterestUpperCap) : Long.UZERO;
     return message;
   }
 
diff --git a/proto/dydxprotocol/perpetuals/perpetual.proto b/proto/dydxprotocol/perpetuals/perpetual.proto
index c58188f0bb..cb5132ea0f 100644
--- a/proto/dydxprotocol/perpetuals/perpetual.proto
+++ b/proto/dydxprotocol/perpetuals/perpetual.proto
@@ -17,6 +17,13 @@ message Perpetual {
         "github.com/dydxprotocol/v4-chain/protocol/dtypes.SerializableInt",
     (gogoproto.nullable) = false
   ];
+
+  // Total size of open long contracts, measured in base_quantums.
+  bytes open_interest = 3 [
+    (gogoproto.customtype) =
+        "github.com/dydxprotocol/v4-chain/protocol/dtypes.SerializableInt",
+    (gogoproto.nullable) = false
+  ];
 }
 
 enum PerpetualMarketType {
@@ -120,4 +127,13 @@ message LiquidityTier {
   // - Impact ask price = average execution price for a market buy of the
   // impact notional value.
   uint64 impact_notional = 6;
+
+  // Lower cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+  // IMF is not affected when OI <= open_interest_lower_cap.
+  uint64 open_interest_lower_cap = 7;
+
+  // Upper cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+  // IMF scales linearly to 100% as OI approaches open_interest_upper_cap.
+  // If zero, then the IMF does not scale with OI.
+  uint64 open_interest_upper_cap = 8;
 }
diff --git a/protocol/mocks/PerpetualsKeeper.go b/protocol/mocks/PerpetualsKeeper.go
index 921b9a486e..46a4afac45 100644
--- a/protocol/mocks/PerpetualsKeeper.go
+++ b/protocol/mocks/PerpetualsKeeper.go
@@ -245,23 +245,23 @@ func (_m *PerpetualsKeeper) PerformStatefulPremiumVotesValidation(ctx types.Cont
 	return r0
 }
 
-// SetLiquidityTier provides a mock function with given fields: ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional
-func (_m *PerpetualsKeeper) SetLiquidityTier(ctx types.Context, id uint32, name string, initialMarginPpm uint32, maintenanceFractionPpm uint32, impactNotional uint64) (perpetualstypes.LiquidityTier, error) {
-	ret := _m.Called(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional)
+// SetLiquidityTier provides a mock function with given fields: ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional, openInterestLowerCap, openInterestUpperCap
+func (_m *PerpetualsKeeper) SetLiquidityTier(ctx types.Context, id uint32, name string, initialMarginPpm uint32, maintenanceFractionPpm uint32, impactNotional uint64, openInterestLowerCap uint64, openInterestUpperCap uint64) (perpetualstypes.LiquidityTier, error) {
+	ret := _m.Called(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional, openInterestLowerCap, openInterestUpperCap)
 
 	var r0 perpetualstypes.LiquidityTier
 	var r1 error
-	if rf, ok := ret.Get(0).(func(types.Context, uint32, string, uint32, uint32, uint64) (perpetualstypes.LiquidityTier, error)); ok {
-		return rf(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional)
+	if rf, ok := ret.Get(0).(func(types.Context, uint32, string, uint32, uint32, uint64, uint64, uint64) (perpetualstypes.LiquidityTier, error)); ok {
+		return rf(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional, openInterestLowerCap, openInterestUpperCap)
 	}
-	if rf, ok := ret.Get(0).(func(types.Context, uint32, string, uint32, uint32, uint64) perpetualstypes.LiquidityTier); ok {
-		r0 = rf(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional)
+	if rf, ok := ret.Get(0).(func(types.Context, uint32, string, uint32, uint32, uint64, uint64, uint64) perpetualstypes.LiquidityTier); ok {
+		r0 = rf(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional, openInterestLowerCap, openInterestUpperCap)
 	} else {
 		r0 = ret.Get(0).(perpetualstypes.LiquidityTier)
 	}
 
-	if rf, ok := ret.Get(1).(func(types.Context, uint32, string, uint32, uint32, uint64) error); ok {
-		r1 = rf(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional)
+	if rf, ok := ret.Get(1).(func(types.Context, uint32, string, uint32, uint32, uint64, uint64, uint64) error); ok {
+		r1 = rf(ctx, id, name, initialMarginPpm, maintenanceFractionPpm, impactNotional, openInterestLowerCap, openInterestUpperCap)
 	} else {
 		r1 = ret.Error(1)
 	}
diff --git a/protocol/scripts/genesis/sample_pregenesis.json b/protocol/scripts/genesis/sample_pregenesis.json
index 57b6375850..ac04970e33 100644
--- a/protocol/scripts/genesis/sample_pregenesis.json
+++ b/protocol/scripts/genesis/sample_pregenesis.json
@@ -862,7 +862,9 @@
           "impact_notional": 10000000000,
           "initial_margin_ppm": 50000,
           "maintenance_fraction_ppm": 600000,
-          "name": "Large-Cap"
+          "name": "Large-Cap",
+          "open_interest_lower_cap": 0,
+          "open_interest_upper_cap": 0
         },
         {
           "base_position_notional": 250000000000,
@@ -870,7 +872,9 @@
           "impact_notional": 5000000000,
           "initial_margin_ppm": 100000,
           "maintenance_fraction_ppm": 500000,
-          "name": "Mid-Cap"
+          "name": "Mid-Cap",
+          "open_interest_lower_cap": 25000000000000,
+          "open_interest_upper_cap": 50000000000000
         },
         {
           "base_position_notional": 100000000000,
@@ -878,7 +882,9 @@
           "impact_notional": 2500000000,
           "initial_margin_ppm": 200000,
           "maintenance_fraction_ppm": 500000,
-          "name": "Long-Tail"
+          "name": "Long-Tail",
+          "open_interest_lower_cap": 10000000000000,
+          "open_interest_upper_cap": 20000000000000
         },
         {
           "base_position_notional": 1000000000,
@@ -886,7 +892,9 @@
           "impact_notional": 2500000000,
           "initial_margin_ppm": 1000000,
           "maintenance_fraction_ppm": 200000,
-          "name": "Safety"
+          "name": "Safety",
+          "open_interest_lower_cap": 0,
+          "open_interest_upper_cap": 0
         }
       ],
       "params": {
@@ -1816,7 +1824,7 @@
       ]
     }
   },
-  "app_version": "4.0.0-dev0-59-g5530ea29",
+  "app_version": "4.0.0-dev0-62-g95853be5",
   "chain_id": "dydx-sample-1",
   "consensus": {
     "params": {
diff --git a/protocol/testing/genesis.sh b/protocol/testing/genesis.sh
index 452ad0ae0e..2c9b065f98 100755
--- a/protocol/testing/genesis.sh
+++ b/protocol/testing/genesis.sh
@@ -125,6 +125,7 @@ function edit_genesis() {
 
 	# Update perpetuals module.
 	# Liquidity Tiers.
+	# TODO(OTE-208): Finalize default values for open interest caps.
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers' -v "[]"
 	# Liquidity Tier: Large-Cap
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -134,6 +135,8 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].maintenance_fraction_ppm' -v '600000' # 60% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].base_position_notional' -v '1000000000000' # 1_000_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].impact_notional' -v '10000000000' # 10_000 USDC (500 USDC / 5%)
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].open_interest_lower_cap' -v '0' # OIMF doesn't apply to Large-Cap
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[0].open_interest_upper_cap' -v '0' # OIMF doesn't apply to Large-Cap
 
 	# Liquidity Tier: Mid-Cap
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -143,6 +146,8 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].maintenance_fraction_ppm' -v '500000' # 50% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].base_position_notional' -v '250000000000' # 250_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].impact_notional' -v '5000000000' # 5_000 USDC (500 USDC / 10%)
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].open_interest_lower_cap' -v '25000000000000' # 25 million USDC
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[1].open_interest_upper_cap' -v '50000000000000' # 50 million USDC
 
 	# Liquidity Tier: Long-Tail
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -152,6 +157,8 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].maintenance_fraction_ppm' -v '500000' # 50% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].base_position_notional' -v '100000000000' # 100_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].impact_notional' -v '2500000000' # 2_500 USDC (500 USDC / 20%)
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].open_interest_lower_cap' -v '10000000000000' # 10 million USDC
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[2].open_interest_upper_cap' -v '20000000000000' # 20 million USDC
 
 	# Liquidity Tier: Safety
 	dasel put -t json -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[]' -v "{}"
@@ -161,6 +168,10 @@ function edit_genesis() {
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].maintenance_fraction_ppm' -v '200000' # 20% of IM
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].base_position_notional' -v '1000000000' # 1_000 USDC
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].impact_notional' -v '2500000000' # 2_500 USDC (2_500 USDC / 100%)
+	# OIMF doesn't apply to `Safety`, since IMF is already at 100%.
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].open_interest_lower_cap' -v '0'
+	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.liquidity_tiers.[3].open_interest_upper_cap' -v '0'
+
 
 	# Params.
 	dasel put -t int -f "$GENESIS" '.app_state.perpetuals.params.funding_rate_clamp_factor_ppm' -v '6000000' # 600 % (same as 75% on hourly rate)
diff --git a/protocol/testutil/constants/perpetuals.go b/protocol/testutil/constants/perpetuals.go
index 3e55df8e80..2069fe0e65 100644
--- a/protocol/testutil/constants/perpetuals.go
+++ b/protocol/testutil/constants/perpetuals.go
@@ -118,6 +118,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_0DefaultFunding_0AtomicResolution = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -130,6 +131,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_NegativeDefaultFunding_10AtomicResolution = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -142,6 +144,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_0DefaultFunding_10AtomicResolution = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -154,6 +157,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_0DefaultFunding_10AtomicResolution_20IM_18MM = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -166,6 +170,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_0_001Percent_DefaultFunding_10AtomicResolution = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -178,6 +183,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_SmallMarginRequirement = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -190,6 +196,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_100PercentMarginRequirement = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -202,6 +209,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_50PercentInitial_40PercentMaintenance = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -214,6 +222,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_20PercentInitial_10PercentMaintenance = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -226,6 +235,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	BtcUsd_NoMarginRequirement = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -238,6 +248,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	EthUsd_0DefaultFunding_9AtomicResolution = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -250,6 +261,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	EthUsd_NoMarginRequirement = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -262,6 +274,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	EthUsd_20PercentInitial_10PercentMaintenance = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -274,6 +287,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	EthUsd_100PercentMarginRequirement = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -286,6 +300,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	SolUsd_20PercentInitial_10PercentMaintenance = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -298,6 +313,7 @@ var (
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 	IsoUsd_IsolatedMarket = perptypes.Perpetual{
 		Params: perptypes.PerpetualParams{
@@ -391,6 +407,8 @@ var (
 				InitialMarginPpm:       200_000,
 				MaintenanceFractionPpm: 500_000,
 				ImpactNotional:         2_500_000_000,
+				OpenInterestLowerCap:   0,
+				OpenInterestUpperCap:   0,
 			},
 			{
 				Id:                     uint32(1),
@@ -398,6 +416,8 @@ var (
 				InitialMarginPpm:       300_000,
 				MaintenanceFractionPpm: 600_000,
 				ImpactNotional:         1_667_000_000,
+				OpenInterestLowerCap:   25_000_000_000_000,
+				OpenInterestUpperCap:   50_000_000_000_000,
 			},
 			{
 				Id:                     uint32(2),
@@ -405,6 +425,8 @@ var (
 				InitialMarginPpm:       400_000,
 				MaintenanceFractionPpm: 700_000,
 				ImpactNotional:         1_250_000_000,
+				OpenInterestLowerCap:   10_000_000_000_000,
+				OpenInterestUpperCap:   20_000_000_000_000,
 			},
 		},
 		Params: PerpetualsGenesisParams,
@@ -417,6 +439,7 @@ var (
 					MarketType:    perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 				},
 				FundingIndex: dtypes.ZeroInt(),
+				OpenInterest: dtypes.ZeroInt(),
 			},
 			{
 				Params: perptypes.PerpetualParams{
@@ -426,6 +449,7 @@ var (
 					MarketType:    perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 				},
 				FundingIndex: dtypes.ZeroInt(),
+				OpenInterest: dtypes.ZeroInt(),
 			},
 		},
 	}
diff --git a/protocol/testutil/keeper/perpetuals.go b/protocol/testutil/keeper/perpetuals.go
index 622ffc25d2..851926a66d 100644
--- a/protocol/testutil/keeper/perpetuals.go
+++ b/protocol/testutil/keeper/perpetuals.go
@@ -192,6 +192,8 @@ func CreateTestLiquidityTiers(t *testing.T, ctx sdk.Context, k *keeper.Keeper) {
 			l.InitialMarginPpm,
 			l.MaintenanceFractionPpm,
 			l.ImpactNotional,
+			l.OpenInterestLowerCap,
+			l.OpenInterestUpperCap,
 		)
 
 		require.NoError(t, err)
diff --git a/protocol/testutil/perpetuals/perpetuals.go b/protocol/testutil/perpetuals/perpetuals.go
index 451da22b7b..dbcce92229 100644
--- a/protocol/testutil/perpetuals/perpetuals.go
+++ b/protocol/testutil/perpetuals/perpetuals.go
@@ -67,6 +67,7 @@ func GeneratePerpetual(optionalModifications ...PerpetualModifierOption) *perpty
 			MarketType:        perptypes.PerpetualMarketType_PERPETUAL_MARKET_TYPE_CROSS,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 
 	for _, opt := range optionalModifications {
diff --git a/protocol/x/perpetuals/client/cli/query_perpetual_test.go b/protocol/x/perpetuals/client/cli/query_perpetual_test.go
index 09d532dce2..a09224f2db 100644
--- a/protocol/x/perpetuals/client/cli/query_perpetual_test.go
+++ b/protocol/x/perpetuals/client/cli/query_perpetual_test.go
@@ -24,6 +24,19 @@ import (
 	"github.com/google/go-cmp/cmp/cmpopts"
 )
 
+var (
+	serializableIntCmpOpts = cmp.Options{
+		cmpopts.IgnoreFields(types.Perpetual{}, "FundingIndex"), // existing ignore option
+		cmp.FilterValues(
+			func(x, y dtypes.SerializableInt) bool {
+				// This will apply the custom comparer only to SerializableInt fields
+				return true // Apply this filter to all SerializableInt values
+			},
+			cmp.Comparer(func(x, y dtypes.SerializableInt) bool { return x.Cmp(y) == 0 }),
+		),
+	}
+)
+
 func networkWithLiquidityTierAndPerpetualObjects(
 	t *testing.T,
 	m int,
@@ -75,6 +88,7 @@ func networkWithLiquidityTierAndPerpetualObjects(
 				MarketType:    marketType,
 			},
 			FundingIndex: dtypes.ZeroInt(),
+			OpenInterest: dtypes.ZeroInt(),
 		}
 		nullify.Fill(&perpetual) //nolint:staticcheck
 		state.Perpetuals = append(state.Perpetuals, perpetual)
@@ -142,7 +156,7 @@ func TestShowPerpetual(t *testing.T) {
 // FundingIndex field is ignored since it can vary depending on funding-tick epoch.
 // TODO(DEC-606): Improve end-to-end testing related to ticking epochs.
 func checkExpectedPerp(t *testing.T, expected types.Perpetual, received types.Perpetual) {
-	if diff := cmp.Diff(expected, received, cmpopts.IgnoreFields(types.Perpetual{}, "FundingIndex")); diff != "" {
+	if diff := cmp.Diff(expected, received, serializableIntCmpOpts...); diff != "" {
 		t.Errorf("resp.Perpetual mismatch (-want +received):\n%s", diff)
 	}
 }
@@ -215,12 +229,13 @@ func TestListPerpetual(t *testing.T) {
 		require.NoError(t, net.Config.Codec.UnmarshalJSON(out.Bytes(), &resp))
 		require.NoError(t, err)
 		require.Equal(t, len(objs), int(resp.Pagination.Total))
-		cmpOptions := []cmp.Option{
-			cmpopts.IgnoreFields(types.Perpetual{}, "FundingIndex"),
+		cmpOptions := append(
+			serializableIntCmpOpts,
 			cmpopts.SortSlices(func(x, y types.Perpetual) bool {
 				return x.Params.Id > y.Params.Id
 			}),
-		}
+		)
+
 		if diff := cmp.Diff(objs, resp.Perpetual, cmpOptions...); diff != "" {
 			t.Errorf("resp.Perpetual mismatch (-want +received):\n%s", diff)
 		}
diff --git a/protocol/x/perpetuals/genesis.go b/protocol/x/perpetuals/genesis.go
index fc9e4c9ab6..db9650d916 100644
--- a/protocol/x/perpetuals/genesis.go
+++ b/protocol/x/perpetuals/genesis.go
@@ -26,6 +26,8 @@ func InitGenesis(ctx sdk.Context, k keeper.Keeper, genState types.GenesisState)
 			elem.InitialMarginPpm,
 			elem.MaintenanceFractionPpm,
 			elem.ImpactNotional,
+			elem.OpenInterestLowerCap,
+			elem.OpenInterestUpperCap,
 		)
 
 		if err != nil {
diff --git a/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier.go b/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier.go
index e2be739d82..a2e6e75f89 100644
--- a/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier.go
+++ b/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier.go
@@ -30,6 +30,8 @@ func (k msgServer) SetLiquidityTier(
 		msg.LiquidityTier.InitialMarginPpm,
 		msg.LiquidityTier.MaintenanceFractionPpm,
 		msg.LiquidityTier.ImpactNotional,
+		msg.LiquidityTier.OpenInterestLowerCap,
+		msg.LiquidityTier.OpenInterestUpperCap,
 	); err != nil {
 		return nil, err
 	}
diff --git a/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier_test.go b/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier_test.go
index 111aff9d7a..cf60802833 100644
--- a/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier_test.go
+++ b/protocol/x/perpetuals/keeper/msg_server_set_liquidity_tier_test.go
@@ -114,6 +114,21 @@ func TestSetLiquidityTier(t *testing.T) {
 			},
 			expectedErr: "invalid authority",
 		},
+		"Failure: invalid open interest caps": {
+			msg: &types.MsgSetLiquidityTier{
+				Authority: lib.GovModuleAddress.String(),
+				LiquidityTier: types.LiquidityTier{
+					Id:                     testLt.Id,
+					Name:                   "medium-cap",
+					InitialMarginPpm:       567_123,
+					MaintenanceFractionPpm: 500_001,
+					ImpactNotional:         1_300_303,
+					OpenInterestLowerCap:   100,
+					OpenInterestUpperCap:   50,
+				},
+			},
+			expectedErr: "open interest lower cap is larger than upper cap",
+		},
 	}
 
 	for name, tc := range tests {
@@ -126,6 +141,8 @@ func TestSetLiquidityTier(t *testing.T) {
 				testLt.InitialMarginPpm,
 				testLt.MaintenanceFractionPpm,
 				testLt.ImpactNotional,
+				testLt.OpenInterestLowerCap,
+				testLt.OpenInterestUpperCap,
 			)
 			require.NoError(t, err)
 
diff --git a/protocol/x/perpetuals/keeper/perpetual.go b/protocol/x/perpetuals/keeper/perpetual.go
index eda836e508..f80705a29c 100644
--- a/protocol/x/perpetuals/keeper/perpetual.go
+++ b/protocol/x/perpetuals/keeper/perpetual.go
@@ -100,6 +100,7 @@ func (k Keeper) CreatePerpetual(
 			MarketType:        marketType,
 		},
 		FundingIndex: dtypes.ZeroInt(),
+		OpenInterest: dtypes.ZeroInt(),
 	}
 
 	if err := k.validatePerpetual(
@@ -1406,6 +1407,8 @@ func (k Keeper) SetLiquidityTier(
 	initialMarginPpm uint32,
 	maintenanceFractionPpm uint32,
 	impactNotional uint64,
+	openInterestLowerCap uint64,
+	openInterestUpperCap uint64,
 ) (
 	liquidityTier types.LiquidityTier,
 	err error,
@@ -1417,6 +1420,8 @@ func (k Keeper) SetLiquidityTier(
 		InitialMarginPpm:       initialMarginPpm,
 		MaintenanceFractionPpm: maintenanceFractionPpm,
 		ImpactNotional:         impactNotional,
+		OpenInterestLowerCap:   openInterestLowerCap,
+		OpenInterestUpperCap:   openInterestUpperCap,
 	}
 
 	// Validate liquidity tier's fields.
diff --git a/protocol/x/perpetuals/keeper/perpetual_test.go b/protocol/x/perpetuals/keeper/perpetual_test.go
index 95e569892e..fbae544a07 100644
--- a/protocol/x/perpetuals/keeper/perpetual_test.go
+++ b/protocol/x/perpetuals/keeper/perpetual_test.go
@@ -685,6 +685,8 @@ func TestGetMarginRequirements_Success(t *testing.T) {
 				tc.initialMarginPpm,
 				tc.maintenanceFractionPpm,
 				1, // dummy impact notional value
+				0, // dummy open interest lower cap
+				0, // dummy open interest upper cap
 			)
 			require.NoError(t, err)
 
@@ -2825,6 +2827,8 @@ func TestGetAllLiquidityTiers_Sorted(t *testing.T) {
 			lt.InitialMarginPpm,
 			lt.MaintenanceFractionPpm,
 			lt.ImpactNotional,
+			lt.OpenInterestLowerCap,
+			lt.OpenInterestUpperCap,
 		)
 		require.NoError(t, err)
 	}
@@ -2863,6 +2867,8 @@ func TestHasLiquidityTier(t *testing.T) {
 			lt.InitialMarginPpm,
 			lt.MaintenanceFractionPpm,
 			lt.ImpactNotional,
+			lt.OpenInterestLowerCap,
+			lt.OpenInterestUpperCap,
 		)
 		require.NoError(t, err)
 	}
@@ -2887,6 +2893,8 @@ func TestCreateLiquidityTier_Success(t *testing.T) {
 			lt.InitialMarginPpm,
 			lt.MaintenanceFractionPpm,
 			lt.ImpactNotional,
+			lt.OpenInterestLowerCap,
+			lt.OpenInterestUpperCap,
 		)
 		require.NoError(t, err)
 
@@ -2911,6 +2919,8 @@ func TestSetLiquidityTier_New_Failure(t *testing.T) {
 		initialMarginPpm       uint32
 		maintenanceFractionPpm uint32
 		impactNotional         uint64
+		openInterestLowerCap   uint64
+		openInterestUpperCap   uint64
 		expectedError          error
 	}{
 		"Initial Margin Ppm exceeds maximum": {
@@ -2919,6 +2929,8 @@ func TestSetLiquidityTier_New_Failure(t *testing.T) {
 			initialMarginPpm:       lib.OneMillion + 1,
 			maintenanceFractionPpm: 500_000,
 			impactNotional:         uint64(lib.OneMillion),
+			openInterestLowerCap:   0,
+			openInterestUpperCap:   0,
 			expectedError:          errorsmod.Wrap(types.ErrInitialMarginPpmExceedsMax, fmt.Sprint(lib.OneMillion+1)),
 		},
 		"Maintenance Fraction Ppm exceeds maximum": {
@@ -2927,6 +2939,8 @@ func TestSetLiquidityTier_New_Failure(t *testing.T) {
 			initialMarginPpm:       500_000,
 			maintenanceFractionPpm: lib.OneMillion + 1,
 			impactNotional:         uint64(lib.OneMillion),
+			openInterestLowerCap:   0,
+			openInterestUpperCap:   0,
 			expectedError:          errorsmod.Wrap(types.ErrMaintenanceFractionPpmExceedsMax, fmt.Sprint(lib.OneMillion+1)),
 		},
 		"Impact Notional is zero": {
@@ -2935,6 +2949,8 @@ func TestSetLiquidityTier_New_Failure(t *testing.T) {
 			initialMarginPpm:       500_000,
 			maintenanceFractionPpm: lib.OneMillion,
 			impactNotional:         uint64(0),
+			openInterestLowerCap:   0,
+			openInterestUpperCap:   0,
 			expectedError:          types.ErrImpactNotionalIsZero,
 		},
 	}
@@ -2952,6 +2968,8 @@ func TestSetLiquidityTier_New_Failure(t *testing.T) {
 				tc.initialMarginPpm,
 				tc.maintenanceFractionPpm,
 				tc.impactNotional,
+				tc.openInterestLowerCap,
+				tc.openInterestUpperCap,
 			)
 
 			require.Error(t, err)
@@ -2970,6 +2988,8 @@ func TestModifyLiquidityTier_Success(t *testing.T) {
 			lt.InitialMarginPpm,
 			lt.MaintenanceFractionPpm,
 			lt.ImpactNotional,
+			lt.OpenInterestLowerCap,
+			lt.OpenInterestUpperCap,
 		)
 		require.NoError(t, err)
 	}
@@ -2981,6 +3001,8 @@ func TestModifyLiquidityTier_Success(t *testing.T) {
 		initialMarginPpm := uint32(i * 2)
 		maintenanceFractionPpm := uint32(i * 2)
 		impactNotional := uint64((i + 1) * 500_000_000)
+		openInterestLowerCap := uint64(0)
+		openInterestUpperCap := uint64(0)
 		modifiedLt, err := pc.PerpetualsKeeper.SetLiquidityTier(
 			pc.Ctx,
 			lt.Id,
@@ -2988,6 +3010,8 @@ func TestModifyLiquidityTier_Success(t *testing.T) {
 			initialMarginPpm,
 			maintenanceFractionPpm,
 			impactNotional,
+			openInterestLowerCap,
+			openInterestUpperCap,
 		)
 		require.NoError(t, err)
 		obtainedLt, err := pc.PerpetualsKeeper.GetLiquidityTier(pc.Ctx, lt.Id)
@@ -3029,6 +3053,8 @@ func TestSetLiquidityTier_Existing_Failure(t *testing.T) {
 		initialMarginPpm       uint32
 		maintenanceFractionPpm uint32
 		impactNotional         uint64
+		openInterestLowerCap   uint64
+		openInterestUpperCap   uint64
 		expectedError          error
 	}{
 		"Initial Margin Ppm exceeds maximum": {
@@ -3037,6 +3063,8 @@ func TestSetLiquidityTier_Existing_Failure(t *testing.T) {
 			initialMarginPpm:       lib.OneMillion + 1,
 			maintenanceFractionPpm: 500_000,
 			impactNotional:         uint64(lib.OneMillion),
+			openInterestLowerCap:   0,
+			openInterestUpperCap:   0,
 			expectedError:          errorsmod.Wrap(types.ErrInitialMarginPpmExceedsMax, fmt.Sprint(lib.OneMillion+1)),
 		},
 		"Maintenance Fraction Ppm exceeds maximum": {
@@ -3045,6 +3073,8 @@ func TestSetLiquidityTier_Existing_Failure(t *testing.T) {
 			initialMarginPpm:       500_000,
 			maintenanceFractionPpm: lib.OneMillion + 1,
 			impactNotional:         uint64(lib.OneMillion),
+			openInterestLowerCap:   0,
+			openInterestUpperCap:   0,
 			expectedError:          errorsmod.Wrap(types.ErrMaintenanceFractionPpmExceedsMax, fmt.Sprint(lib.OneMillion+1)),
 		},
 		"Impact Notional is zero": {
@@ -3053,8 +3083,25 @@ func TestSetLiquidityTier_Existing_Failure(t *testing.T) {
 			initialMarginPpm:       500_000,
 			maintenanceFractionPpm: lib.OneMillion,
 			impactNotional:         uint64(0),
+			openInterestLowerCap:   0,
+			openInterestUpperCap:   0,
 			expectedError:          types.ErrImpactNotionalIsZero,
 		},
+		"Invalid open interest caps": {
+			id:                     1,
+			name:                   "Small-Cap",
+			initialMarginPpm:       500_000,
+			maintenanceFractionPpm: lib.OneMillion,
+			impactNotional:         uint64(lib.OneMillion),
+			openInterestLowerCap:   50_000_000_000_000,
+			openInterestUpperCap:   25_000_000_000_000,
+			expectedError: errorsmod.Wrapf(
+				types.ErrOpenInterestLowerCapLargerThanUpperCap,
+				"open_interest_lower_cap: %d, open_interest_upper_cap: %d",
+				50_000_000_000_000,
+				25_000_000_000_000,
+			),
+		},
 	}
 
 	// Test setup.
@@ -3071,6 +3118,8 @@ func TestSetLiquidityTier_Existing_Failure(t *testing.T) {
 				tc.initialMarginPpm,
 				tc.maintenanceFractionPpm,
 				tc.impactNotional,
+				tc.openInterestLowerCap,
+				tc.openInterestUpperCap,
 			)
 
 			require.Error(t, err)
diff --git a/protocol/x/perpetuals/module_test.go b/protocol/x/perpetuals/module_test.go
index 7802a105d1..68147a9afc 100644
--- a/protocol/x/perpetuals/module_test.go
+++ b/protocol/x/perpetuals/module_test.go
@@ -282,7 +282,9 @@ func TestAppModule_InitExportGenesis(t *testing.T) {
 			  "name":"Large-Cap",
 			  "initial_margin_ppm":50000,
 			  "maintenance_fraction_ppm":500000,
-			  "impact_notional":10000000000
+			  "impact_notional":10000000000,
+			  "open_interest_lower_cap":25000000000000,
+			  "open_interest_upper_cap":50000000000000
 		   }
 		],
 		"params":{
@@ -314,7 +316,8 @@ func TestAppModule_InitExportGenesis(t *testing.T) {
 				 "liquidity_tier":0,
 				 "market_type":"PERPETUAL_MARKET_TYPE_CROSS"
 			  },
-			  "funding_index":"0"
+			  "funding_index":"0",
+			  "open_interest":"0"
 		   }
 		],
 		"liquidity_tiers":[
@@ -324,7 +327,9 @@ func TestAppModule_InitExportGenesis(t *testing.T) {
 			  "initial_margin_ppm":50000,
 			  "maintenance_fraction_ppm":500000,
 			  "base_position_notional":"0",
-			  "impact_notional":"10000000000"
+			  "impact_notional":"10000000000",
+			  "open_interest_lower_cap":"25000000000000",
+			  "open_interest_upper_cap":"50000000000000"
 		   }
 		],
 		"params":{
diff --git a/protocol/x/perpetuals/simulation/genesis.go b/protocol/x/perpetuals/simulation/genesis.go
index de97e9bbb4..b68e5cbe6f 100644
--- a/protocol/x/perpetuals/simulation/genesis.go
+++ b/protocol/x/perpetuals/simulation/genesis.go
@@ -203,6 +203,7 @@ func RandomizedGenState(simState *module.SimulationState) {
 				MarketType:        marketType,
 			},
 			FundingIndex: dtypes.ZeroInt(),
+			OpenInterest: dtypes.ZeroInt(),
 		}
 	}
 
diff --git a/protocol/x/perpetuals/types/errors.go b/protocol/x/perpetuals/types/errors.go
index e7e0aed8c8..50f04d5c40 100644
--- a/protocol/x/perpetuals/types/errors.go
+++ b/protocol/x/perpetuals/types/errors.go
@@ -112,6 +112,11 @@ var (
 		23,
 		"Market type is invalid",
 	)
+	ErrOpenInterestLowerCapLargerThanUpperCap = errorsmod.Register(
+		ModuleName,
+		24,
+		"open interest lower cap is larger than upper cap",
+	)
 
 	// Errors for Not Implemented
 	ErrNotImplementedFunding = errorsmod.Register(ModuleName, 1001, "Not Implemented: Perpetuals Funding")
diff --git a/protocol/x/perpetuals/types/liquidity_tier.go b/protocol/x/perpetuals/types/liquidity_tier.go
index 957e5dfd87..2af218d04c 100644
--- a/protocol/x/perpetuals/types/liquidity_tier.go
+++ b/protocol/x/perpetuals/types/liquidity_tier.go
@@ -24,6 +24,15 @@ func (liquidityTier LiquidityTier) Validate() error {
 		return ErrImpactNotionalIsZero
 	}
 
+	if liquidityTier.OpenInterestLowerCap > liquidityTier.OpenInterestUpperCap {
+		return errorsmod.Wrapf(
+			ErrOpenInterestLowerCapLargerThanUpperCap,
+			"open_interest_lower_cap: %d, open_interest_upper_cap: %d",
+			liquidityTier.OpenInterestLowerCap,
+			liquidityTier.OpenInterestUpperCap,
+		)
+	}
+
 	return nil
 }
 
diff --git a/protocol/x/perpetuals/types/perpetual.pb.go b/protocol/x/perpetuals/types/perpetual.pb.go
index 6072e4dbea..2325712744 100644
--- a/protocol/x/perpetuals/types/perpetual.pb.go
+++ b/protocol/x/perpetuals/types/perpetual.pb.go
@@ -62,6 +62,8 @@ type Perpetual struct {
 	// The current index determined by the cumulative all-time
 	// history of the funding mechanism. Starts at zero.
 	FundingIndex github_com_dydxprotocol_v4_chain_protocol_dtypes.SerializableInt `protobuf:"bytes,2,opt,name=funding_index,json=fundingIndex,proto3,customtype=github.com/dydxprotocol/v4-chain/protocol/dtypes.SerializableInt" json:"funding_index"`
+	// Total size of open long contracts, measured in base_quantums.
+	OpenInterest github_com_dydxprotocol_v4_chain_protocol_dtypes.SerializableInt `protobuf:"bytes,3,opt,name=open_interest,json=openInterest,proto3,customtype=github.com/dydxprotocol/v4-chain/protocol/dtypes.SerializableInt" json:"open_interest"`
 }
 
 func (m *Perpetual) Reset()         { *m = Perpetual{} }
@@ -360,6 +362,13 @@ type LiquidityTier struct {
 	// - Impact ask price = average execution price for a market buy of the
 	// impact notional value.
 	ImpactNotional uint64 `protobuf:"varint,6,opt,name=impact_notional,json=impactNotional,proto3" json:"impact_notional,omitempty"`
+	// Lower cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+	// IMF is not affected when OI <= open_interest_lower_cap.
+	OpenInterestLowerCap uint64 `protobuf:"varint,7,opt,name=open_interest_lower_cap,json=openInterestLowerCap,proto3" json:"open_interest_lower_cap,omitempty"`
+	// Upper cap for Open Interest Margin Fracton (OIMF), in quote quantums.
+	// IMF scales linearly to 100% as OI approaches open_interest_upper_cap.
+	// If zero, then the IMF does not scale with OI.
+	OpenInterestUpperCap uint64 `protobuf:"varint,8,opt,name=open_interest_upper_cap,json=openInterestUpperCap,proto3" json:"open_interest_upper_cap,omitempty"`
 }
 
 func (m *LiquidityTier) Reset()         { *m = LiquidityTier{} }
@@ -438,6 +447,20 @@ func (m *LiquidityTier) GetImpactNotional() uint64 {
 	return 0
 }
 
+func (m *LiquidityTier) GetOpenInterestLowerCap() uint64 {
+	if m != nil {
+		return m.OpenInterestLowerCap
+	}
+	return 0
+}
+
+func (m *LiquidityTier) GetOpenInterestUpperCap() uint64 {
+	if m != nil {
+		return m.OpenInterestUpperCap
+	}
+	return 0
+}
+
 func init() {
 	proto.RegisterEnum("dydxprotocol.perpetuals.PerpetualMarketType", PerpetualMarketType_name, PerpetualMarketType_value)
 	proto.RegisterType((*Perpetual)(nil), "dydxprotocol.perpetuals.Perpetual")
@@ -452,51 +475,55 @@ func init() {
 }
 
 var fileDescriptor_ce7204eee10038be = []byte{
-	// 696 bytes of a gzipped FileDescriptorProto
-	0x1f, 0x8b, 0x08, 0x00, 0x00, 0x00, 0x00, 0x00, 0x02, 0xff, 0x8c, 0x54, 0x4f, 0x4f, 0xdb, 0x3e,
-	0x18, 0xae, 0x4b, 0x7f, 0xfd, 0x81, 0xfb, 0x87, 0xd6, 0x20, 0x16, 0x81, 0x54, 0x4a, 0x25, 0x44,
-	0xb5, 0xb1, 0x56, 0x62, 0x3b, 0xec, 0xb0, 0xc3, 0x28, 0xb4, 0x5a, 0x35, 0x0a, 0x51, 0x5a, 0x26,
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+	// 758 bytes of a gzipped FileDescriptorProto
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+	0xed, 0xcd, 0x7d, 0x5d, 0xbb, 0xbd, 0xaf, 0x6b, 0x7f, 0xdd, 0xd7, 0xb5, 0xeb, 0x87, 0x7a, 0xee,
+	0xf6, 0xa1, 0x9e, 0xfb, 0xe3, 0xa1, 0x9e, 0xfb, 0xfe, 0xcb, 0xff, 0x7e, 0xd9, 0x5c, 0x2d, 0xde,
+	0xe3, 0xf2, 0xe2, 0x99, 0x16, 0x24, 0xf8, 0xe9, 0x3f, 0x01, 0x00, 0x00, 0xff, 0xff, 0x7d, 0x28,
+	0x1e, 0x85, 0xef, 0x05, 0x00, 0x00,
 }
 
 func (m *Perpetual) Marshal() (dAtA []byte, err error) {
@@ -519,6 +546,16 @@ func (m *Perpetual) MarshalToSizedBuffer(dAtA []byte) (int, error) {
 	_ = i
 	var l int
 	_ = l
+	{
+		size := m.OpenInterest.Size()
+		i -= size
+		if _, err := m.OpenInterest.MarshalTo(dAtA[i:]); err != nil {
+			return 0, err
+		}
+		i = encodeVarintPerpetual(dAtA, i, uint64(size))
+	}
+	i--
+	dAtA[i] = 0x1a
 	{
 		size := m.FundingIndex.Size()
 		i -= size
@@ -711,6 +748,16 @@ func (m *LiquidityTier) MarshalToSizedBuffer(dAtA []byte) (int, error) {
 	_ = i
 	var l int
 	_ = l
+	if m.OpenInterestUpperCap != 0 {
+		i = encodeVarintPerpetual(dAtA, i, uint64(m.OpenInterestUpperCap))
+		i--
+		dAtA[i] = 0x40
+	}
+	if m.OpenInterestLowerCap != 0 {
+		i = encodeVarintPerpetual(dAtA, i, uint64(m.OpenInterestLowerCap))
+		i--
+		dAtA[i] = 0x38
+	}
 	if m.ImpactNotional != 0 {
 		i = encodeVarintPerpetual(dAtA, i, uint64(m.ImpactNotional))
 		i--
@@ -767,6 +814,8 @@ func (m *Perpetual) Size() (n int) {
 	n += 1 + l + sovPerpetual(uint64(l))
 	l = m.FundingIndex.Size()
 	n += 1 + l + sovPerpetual(uint64(l))
+	l = m.OpenInterest.Size()
+	n += 1 + l + sovPerpetual(uint64(l))
 	return n
 }
 
@@ -863,6 +912,12 @@ func (m *LiquidityTier) Size() (n int) {
 	if m.ImpactNotional != 0 {
 		n += 1 + sovPerpetual(uint64(m.ImpactNotional))
 	}
+	if m.OpenInterestLowerCap != 0 {
+		n += 1 + sovPerpetual(uint64(m.OpenInterestLowerCap))
+	}
+	if m.OpenInterestUpperCap != 0 {
+		n += 1 + sovPerpetual(uint64(m.OpenInterestUpperCap))
+	}
 	return n
 }
 
@@ -967,6 +1022,39 @@ func (m *Perpetual) Unmarshal(dAtA []byte) error {
 				return err
 			}
 			iNdEx = postIndex
+		case 3:
+			if wireType != 2 {
+				return fmt.Errorf("proto: wrong wireType = %d for field OpenInterest", wireType)
+			}
+			var byteLen int
+			for shift := uint(0); ; shift += 7 {
+				if shift >= 64 {
+					return ErrIntOverflowPerpetual
+				}
+				if iNdEx >= l {
+					return io.ErrUnexpectedEOF
+				}
+				b := dAtA[iNdEx]
+				iNdEx++
+				byteLen |= int(b&0x7F) << shift
+				if b < 0x80 {
+					break
+				}
+			}
+			if byteLen < 0 {
+				return ErrInvalidLengthPerpetual
+			}
+			postIndex := iNdEx + byteLen
+			if postIndex < 0 {
+				return ErrInvalidLengthPerpetual
+			}
+			if postIndex > l {
+				return io.ErrUnexpectedEOF
+			}
+			if err := m.OpenInterest.Unmarshal(dAtA[iNdEx:postIndex]); err != nil {
+				return err
+			}
+			iNdEx = postIndex
 		default:
 			iNdEx = preIndex
 			skippy, err := skipPerpetual(dAtA[iNdEx:])
@@ -1594,6 +1682,44 @@ func (m *LiquidityTier) Unmarshal(dAtA []byte) error {
 					break
 				}
 			}
+		case 7:
+			if wireType != 0 {
+				return fmt.Errorf("proto: wrong wireType = %d for field OpenInterestLowerCap", wireType)
+			}
+			m.OpenInterestLowerCap = 0
+			for shift := uint(0); ; shift += 7 {
+				if shift >= 64 {
+					return ErrIntOverflowPerpetual
+				}
+				if iNdEx >= l {
+					return io.ErrUnexpectedEOF
+				}
+				b := dAtA[iNdEx]
+				iNdEx++
+				m.OpenInterestLowerCap |= uint64(b&0x7F) << shift
+				if b < 0x80 {
+					break
+				}
+			}
+		case 8:
+			if wireType != 0 {
+				return fmt.Errorf("proto: wrong wireType = %d for field OpenInterestUpperCap", wireType)
+			}
+			m.OpenInterestUpperCap = 0
+			for shift := uint(0); ; shift += 7 {
+				if shift >= 64 {
+					return ErrIntOverflowPerpetual
+				}
+				if iNdEx >= l {
+					return io.ErrUnexpectedEOF
+				}
+				b := dAtA[iNdEx]
+				iNdEx++
+				m.OpenInterestUpperCap |= uint64(b&0x7F) << shift
+				if b < 0x80 {
+					break
+				}
+			}
 		default:
 			iNdEx = preIndex
 			skippy, err := skipPerpetual(dAtA[iNdEx:])
diff --git a/protocol/x/perpetuals/types/types.go b/protocol/x/perpetuals/types/types.go
index 7b7489cf06..48634398a4 100644
--- a/protocol/x/perpetuals/types/types.go
+++ b/protocol/x/perpetuals/types/types.go
@@ -93,6 +93,8 @@ type PerpetualsKeeper interface {
 		initialMarginPpm uint32,
 		maintenanceFractionPpm uint32,
 		impactNotional uint64,
+		openInterestLowerCap uint64,
+		openInterestUpperCap uint64,
 	) (
 		liquidityTier LiquidityTier,
 		err error,