Shiba Inu OI Climbs 2.7% as $53.0M Positions Meet a Purge Test
Shiba Inu derivatives are not showing a clean leverage flush yet: total open interest is about $53.0M and has increased 2.7% over 24 hours, while the token trades at $0.00000581. That combination matters for the current oi-purge debate. A genuine reset would normally pair falling positioning with forced exits, but the available tape instead shows capital rebuilding and a liquidation profile tilted toward shorts.
Recent coverage has focused on holder growth and changing burn activity, but the derivatives data points to positioning as the more immediate price risk.
Exchange concentration is still building
The exchange breakdown makes the rise in open interest look concentrated rather than evenly distributed. Bitget holds the largest reported share at 19.9%, with $10.6M in positions and a 1.8% 24-hour increase. OKX follows with 14.3%, or $7.6M, after growing 3.5% over the same period. Gate represents 12.9%, equal to $6.8M, and has added only 0.6% in 24 hours.
The short-term acceleration is more visible in the four-hour figures: OKX is up 6.9%, Gate is up 3.8%, and Bitget is up 2.3%. That pattern argues against an already completed purge. Instead, some of the largest venues are carrying more exposure into the move, increasing the chance that a sharp reversal could turn open interest expansion into forced deleveraging. The reported venue total is $53.0M, close to the ticker-level $53.1M reading, so the signal is directionally consistent across the aggregate views.
Funding is mostly calm, with one outlier
The funding rate picture is broadly positive but not uniformly stretched. The ticker’s average eight-hour rate is 0.1% when rounded to one decimal place. Most venues cluster around 0.0%: Bitget, BitMEX, Gate, KuCoin, LBank, MEXC and OKX each report 0.0% at the displayed precision. Kraken is also 0.0%, while Crypto.com is 0.0% and dYdX is 0.0%.
CoinEx is the clear exception at 0.6%, far above the 0.0% readings elsewhere. That divergence suggests localized demand for long exposure rather than a market-wide funding blowout. It weakens the case for an immediate crowded-long unwind, although the positive direction of funding still means buyers are paying to hold risk on several venues.
Liquidations favor shorts, not a long purge
The liquidation windows provide the strongest contradiction to a completed long-side washout. During the latest hour, $628 was liquidated, all of it from shorts. Across four hours, the total reached $3.8K, again entirely short liquidations. The twelve-hour window was more balanced in size but still favored longs only modestly: $23.6K in long liquidations versus $6.3K in short liquidations, for $29.9K overall.
Over 24 hours, long liquidations totaled $41.9K and short liquidations $40.5K, producing $82.4K across 44 events. The near-even daily split says there has been some two-way cleanup, but the most recent flow is clearly punishing shorts. Positioning data adds another layer: accounts are 68.1% long, while active takers are 58.2% long. That gap indicates passive account bias is more bullish than the latest aggressive trading flow, a meaningful divergence rather than confirmation of one-sided conviction.
Verdict: The oi-purge thesis is unconfirmed. At $0.00000581 and roughly $53.0M of open interest, the key risk is a delayed flush if price loses $0.00000581 while OI remains elevated; the bearish purge view is invalidated if SHIB reclaims $0.00000581 and holds above $53.0M in OI without a surge in long liquidations. Data as of 18:10 Beijing time on Sep 29, covering Binance, OKX, Bybit and other major venues.