Shiba Inu OI Jumps 24.4% as $64.6M Builds in Perpetuals
Shiba Inu derivatives are showing a forceful positioning rebound: open interest reached $64.6M after rising 24.4% in 24 hours, while SHIB traded at $0.00000601 after an 8.96% spot gain. The build is not yet a clean bullish confirmation. One-hour open interest was down 2.8%, and the liquidation tape shows that recent leverage is concentrated on the long side in shorter windows.
Where the OI surge is concentrated
The largest visible share sits on Bitget at 17.5% of tracked open interest, equal to $11.3M, although its 24-hour increase was a more moderate 7.8% and its four-hour change was slightly negative at -0.3%. OKX held 14.8%, or $9.6M, but its open interest expanded 38.7% over 24 hours and 4.6% over four hours. That makes OKX the clearest acceleration point among the major venues.
Gate accounted for 10.9%, or $7.1M, with open interest up 13.3% over 24 hours and 0.8% over four hours. Kraken was much smaller at 1.8%, or $1.1M, and added only 1.6% over 24 hours. The practical takeaway is that the aggregate increase is being led by a meaningful OKX expansion alongside the larger Bitget and Gate books, rather than by uniform growth across every venue.
Funding is positive, but not uniformly crowded
The current funding rate picture is broadly positive but uneven. The ticker’s average eight-hour funding rate rounds to 0.1%, while Bitget, Gate, OKX and several other venues each reported 0.0% when rounded to one decimal place. CoinEx was the clear outlier at 0.6%, indicating a much more expensive long bias there. Bitfinex was also positive at 0.0% after rounding, while Kraken was slightly negative at -0.0% and dYdX was 0.0%.
This spread matters because the OI increase is not being accompanied by an equally aggressive funding premium across the main venues. The market is adding contracts, but the cost of maintaining long exposure remains relatively contained outside CoinEx. That supports a constructive interpretation, although a sudden funding lift across the larger books would make the current structure more vulnerable to a squeeze.
Liquidations expose the leverage imbalance
The liquidation structure is more revealing than the headline OI number. In the one-hour window, long liquidations reached $53.6K versus $4.5K for shorts. Over four hours, the split was $63.3K long against $18.1K short. The twelve-hour window remained long-heavy at $75.4K versus $47.1K.
The twenty-four-hour view reverses that balance: short liquidations totaled $175.6K, compared with $96.8K for longs, from total liquidations of $272.4K. This suggests the initial price advance forced shorts out, but the more recent consolidation is now testing newly opened longs. The account-versus-taker split points in the same direction. Accounts were 68.1% long, while active takers were only 58.2% long, showing that the broader account base is more bullish than the traders currently initiating aggressive transactions.
Recent reporting has also described the Shibarium reorganization as resolved while infrastructure providers continue migration and upgrade work, adding a network-maintenance backdrop to the market’s renewed attention.
Verdict: The constructive setup holds while SHIB stays at or above $0.00000601 and open interest remains near or above $64.6M without a sharp funding expansion. The signal is invalidated if price loses $0.00000601 while OI continues building above $64.6M, because that combination would point to trapped long leverage rather than healthy continuation. Data as of 13:05 Beijing time on Sep 22, covering Binance, OKX, Bybit and other major venues.