Dogecoin Open Interest Falls 8.41% as Bitcoin Alone Has Positive Funding

Dogecoin (DOGE) open interest fell 8.41% to $140.1 million by 6:02 a.m. ET Sunday (11:02 UTC), the steepest decline among five perpetual-futures markets, while Bitcoin alone had positive funding.

Open interest, the dollar value of outstanding derivatives positions, declined for all five assets over 24 hours. Bitcoin (BTC) had the largest balance at $6.31 billion, down 3.04%. Ether (ETH) followed at $4.22 billion, down 5.10%.

Bitcoin’s funding rate was 0.0002% every eight hours, or 0.3% annualized. Funding is a periodic payment between traders on opposing sides of perpetual futures: when the rate is positive, long-side traders pay short-side traders. Long-side accounts represented 73.6% of Bitcoin accounts, compared with 26.4% short.

Ether’s funding rate was -0.0007% every eight hours, or -0.7% annualized. Long-side accounts were 71.6%, against 28.4% short. The funding pattern has reversed since the Oct. 23 snapshot, when Ether was the only one of the five assets with a negative rate.

Solana (SOL) open interest fell 7.53% to $653.1 million. Its funding rate was -0.0060% every eight hours, or -6.5% annualized. Long-side accounts were 77.4% of the total, while short-side accounts were 22.6%.

XRP open interest declined 5.73% to $282.4 million. Its funding rate was -0.0046% every eight hours, or -5.0% annualized. Long-side accounts represented 72.8%, compared with 27.3% short.

Dogecoin’s funding rate was -0.0062% every eight hours, or -6.8% annualized. Long-side accounts made up 70.3% of the total, while short-side accounts were 29.8%. These account splits show the distribution of accounts, not the size of their positions.