DOGEUSDT · Perpetual futures
Dogecoin open interest and funding
How much leverage sits in the DOGEUSDT perpetual across three venues, what it costs to hold, and how both numbers moved over the past month.
553,70 M $US sits in open DOGE positions on Bybit, Binance, OKX, Hyperliquid, Bitget, Gate, HTX et MEXC·80 % of accounts sit long·a long costs -2,2 % a year on average, from -26,4 % on Hyperliquid to +11,0 % on HTX
Our own series, written once a minute since the collector started.
Where the money sits
The same contract behaves differently on each venue: its own book, its own crowd, its own payout interval. A gap in the annualized column between two rows is a gap somebody is already trading.
| Exchange | Open interest | In coins | Funding | Annualized | Interval | Long / short |
|---|---|---|---|---|---|---|
| Bybit | 90,08 M $US | 1 370 832 712 DOGE | -0,0057 % | -6,2 % | 8h | 4,22 |
| Binance | 160,91 M $US | 2 447 547 080 DOGE | +0,0001 % | +0,1 % | 8h | 2,50 |
| OKX | 83,46 M $US | 1 270 173 150 DOGE | +0,0030 % | +3,3 % | 8h | 5,04 |
| Hyperliquid | 44,40 M $US | 675 574 512 DOGE | -0,0030 % | -26,4 % | 1h | — |
| Bitget | 39,55 M $US | 601 863 677 DOGE | -0,0004 % | -0,4 % | 8h | 4,81 |
| Gate | 90,30 M $US | 1 374 393 420 DOGE | +0,0010 % | +1,1 % | 8h | 3,47 |
| HTX | 5,22 M $US | 79 416 400 DOGE | +0,010 % | +11,0 % | 8h | — |
| MEXC | 39,79 M $US | 605 448 600 DOGE | +0,0002 % | +0,2 % | 8h | — |
Funding as a crowd meter
Dogecoin has no yield, no staking and no cash flow to hedge against, so almost nothing anchors its funding to a baseline. What the rate measures here is close to pure positioning: how badly one side wants the exposure and what it is willing to pay the other side for it.
That makes this contract the most direct reading of retail appetite on the dashboard. When funding here runs to several times what bitcoin pays, leverage has reached the end of the risk curve, and that state has historically been closer to the end of a move than to its beginning.
Open interest without a story
Open interest on dogecoin grows on attention rather than on flows, which means it can double in a week and give it all back in a day. The level matters less than the direction of the last few days, and a decline while price holds is the healthier of the two ways it falls.
The reading to distrust is a high rate with thin open interest. Somebody is paying a lot for a small position, which says more about one crowded corner of one venue than about the contract as a whole. The per-venue table above is where that shows up.
Is this the same contract on all three venues?
It is the same underlying and the same USDT margin, but three separate contracts with three separate books. Contract sizes, payout intervals and leverage limits differ, which is why the rows above never match exactly.
What happens at the payout time?
Every payout period each venue settles funding between longs and shorts at the rate shown. Nothing goes to the exchange. Holding through the payout is what the annualized column prices: at twelve percent a year, a long that sits for a month gives up about one percent of its notional.
Why is the long/short ratio above one while price is falling?
The ratio counts accounts, not money. Retail crowds tend to lean long into weakness, so a ratio above one during a drawdown is ordinary and says more about positioning than about the next move.
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