Shiba Inu Open Interest Jumps 19.8% as Funding Crowds Longs
Shiba Inu futures are showing a crowded long setup: total open interest has reached $65.2M after rising 19.8% in 24 hours, while the ticker's eight-hour average funding rate is positive at 0.1%. The positioning is not uniform, however. Long exposure is concentrated in account counts, while active taker flow is less one-sided, and short liquidations have dominated the latest windows.
Recent coverage has highlighted volatility, technical turning points, seasonal expectations, and token-security concerns around SHIB.
OI growth is concentrated, not broad
Bitget holds the largest reported share at 17.7% with $11.6M in open interest, followed by OKX at 12.1% and $7.9M, then Gate at 11.2% and $7.3M. Together, these three venues represent 41.0% of the reported total, giving the market a clear concentration point. Their 24-hour changes also move in the same direction: Bitget is up 6.5%, Gate 5.9%, and OKX 4.3%.
The shorter four-hour changes reinforce the buildup. OKX has added 5.8%, Bitget 5.1%, and Gate 3.4%. That combination matters for a crowded-funding read: leverage is not merely lingering after an old move; it is still being added across the largest visible venues. At the same time, the one-hour ticker change is negative at 0.8%, creating an early sign that the latest expansion may be losing momentum even as the daily total remains strong.
Funding is positive, but the venue gap is wide
The average rate looks manageable only because venue readings are uneven. CoinEx shows 0.6%, far above the 0.0% readings on Bitget, Gate, OKX, Kraken, and several other venues when rounded to one decimal place. Bitfinex is also positive at 0.0% on the same display basis, while dYdX reaches 0.0%. The difference between CoinEx and the larger venues suggests that the cost of holding longs is concentrated rather than market-wide.
This split weakens the signal from the headline average. A trader looking only at the aggregate funding rate could miss the fact that one venue is carrying a much more expensive long bias. If that premium spreads to the larger OI venues, the crowded-long risk would increase quickly. If it fades while OI stays elevated, the market could instead be absorbing leverage without an immediate squeeze trigger.
Accounts lean long, but liquidations favor shorts
The positioning data shows 68.1% of accounts long, compared with 58.2% for active takers. This is a meaningful divergence: more accounts are positioned long, but the traders initiating transactions are less aggressively tilted in that direction. It points to passive or existing long exposure rather than uniformly forceful long buying.
The liquidation structure adds another layer. No liquidations were recorded in the one-hour window, but the four-hour total reached $33.9K, entirely from shorts across nine events. Over 24 hours, shorts accounted for $50.8K, while longs accounted for $10.2K, for a $61.0K total across 21 events. Short losses therefore dominate the recent forced-flow record, meaning the market has already rewarded upside chasers even while long accounts remain crowded.
Verdict: The near-term bias is cautiously constructive but fragile: SHIB at $0.000006 with OI at $65.2M has room for continuation only if funding remains contained outside the CoinEx spike and taker positioning catches up with the 68.1% long-account share. This crowded-funding view is invalidated if price breaks below $0.000006 while OI falls below $65.2M, signaling that leverage is unwinding rather than supporting the move. Data as of 02:05 Beijing time on Sep 27, covering Binance, OKX, Bybit and other major venues.