Dogecoin DOGE · perps

DOGE perpetual futures show a distinctly short-biased funding environment, with aggregated funding at -1.60% annualized—meaning shorts are currently paying longs to hold their positions. This negative rate sits at the 21st percentile of the past 90 days, indicating that funding has been substantially more negative historically and the market is not particularly stretched in either direction relative to recent conditions.

Open interest stands at $422.2M across exchanges. Over the last 24 hours, OI rose +1.5%, suggesting modest leverage accumulation, though the 7-day trend shows a -0.8% decline, reflecting a slight deleveraging pattern over the medium term. The liquidation imbalance of -0.48 over 24 hours reveals that shorts have faced more pressure than longs, with net liquidations favoring the short side.

With a leverage risk score of 15, DOGE derivatives positioning carries low fragility. The combination of negative funding, modest OI growth, and a compressed risk score suggests the market is neither crowded in leverage nor vulnerable to cascade liquidations. The ongoing short liquidations paired with slight OI gains indicate measured repositioning rather than panic or euphoric accumulation.