Shiba Inu: $57.4M OI Meets a 68.1% Long Account Bias in Derivatives
Shiba Inu is trading at $0.00000589 with roughly $57.4M in aggregate open interest, creating a mixed derivatives picture rather than a clean directional breakout. Total OI has increased 0.4% over 24 hours, yet the latest hourly reading is down 0.5%, while trading volume is up 51.5%. That combination points to active turnover without a firm near-term commitment from leverage.
Recent market coverage has focused on bearish risk, a sharp daily move, and SHIB's expansion onto Solana.
OI is concentrated, but not accelerating evenly
The largest visible venue position sits on Bitget at $11.7M, representing 20.4% of tracked OI after a 3.6% daily increase and a 0.8% increase over the latest four-hour window. OKX follows with $8.6M, or 14.9%, up 2.2% over 24 hours but down 0.5% over four hours. Gate holds $7.7M, or 13.5%, with smaller gains of 0.4% daily and 0.3% over four hours.
These three venues account for 48.8% of the visible distribution, while KuCoin contributes $4.8M, or 8.4%, after declines of 0.5% daily and 3.6% over four hours. The key structural detail is the split between daily expansion and short-term cooling: Bitget and Gate are still building in the shorter window, but OKX and KuCoin are pulling back. Price has slipped 0.7%, so the OI increase is not yet confirming strong upside momentum.
Funding shows a sharp venue-level imbalance
The average funding rate works out to 0.1% when the ticker reading is converted from its decimal form, but the venue data is far from uniform. CoinEx stands out at 0.6%, while Crypto.com is at 0.0% after rounding to one decimal place and Kraken is also 0.0%. Bitget, Gate, KuCoin, OKX, MEXC, LBank and WhiteBIT each show 0.0% on the same display basis, while Bitfinex and dYdX are at zero.
That gap matters for OI interpretation. A high charge at CoinEx suggests crowded long carry or a local positioning imbalance, but the broadly near-zero readings elsewhere do not show a market-wide funding bid. SHIB leverage therefore looks fragmented: some traders are paying heavily to maintain exposure, while the larger venue set is not pricing an aggressive premium.
Longs dominate liquidations and account positioning
The liquidation tape adds a defensive tone. Twelve-hour liquidations total $21.0K, comprising $13.7K in longs and $7.3K in shorts. Over 24 hours, the total reaches $46.0K, with $36.7K from longs versus $9.3K from shorts. Long liquidations are therefore the clear majority of forced exits, even though the absolute total remains modest relative to the OI base.
Positioning data also reveals a meaningful gap between passive accounts and active flow. Long accounts represent 68.1%, while the taker reading is 58.2% long. In other words, account-level conviction is more bullish than the side initiating trades. That divergence, combined with long-heavy liquidations, suggests that bullish exposure is present but vulnerable to further price weakness rather than being reinforced by urgent taker buying.
Verdict: The immediate pivot is $0.00000589 against $57.4M of OI. The structure remains fragile-to-bearish while price cannot hold above that level and OI fails to expand beyond $57.4M with taker longs above 58.2%; the view is invalidated if price sustains above $0.00000589 while those OI and taker thresholds are exceeded. Data as of 08:22 Beijing time on Oct 6, covering Binance, OKX, Bybit and other major venues.