Conclusion upfront: PEPE’s positions increase by 1.2% over one day. The position size is getting thicker, but in the four-hour liquidation event, 98% are liquidations of long positions. If you chase longs, you’re the one who gets hurt first.
Across the whole network, total PEPE futures positions are about $304 million. The increase in open interest isn’t particularly aggressive, but long liquidations make up an absolute majority: in the past four hours, $102,000 was liquidated—$99.9k for longs versus only $2,161 for shorts. The simultaneous rise in position size and long liquidations suggests someone is buying up the pullbacks, but it doesn’t mean the direction is already stable.
The fee structure also leans toward charging longs. On major platforms like OKX, Bitget, and Gate, the current funding/fee rates are positive. With an 8-hour settlement cycle, going long and maintaining a long position means you must keep paying the funding cost. Right now PEPE is around $0.00000444, with a 24-hour rise of about 3.2%. Since the price is going up, leveraged longs are being liquidated first—don’t treat a short-term uptick as a safety signal.
$PEPE $BTC
Open interest is getting thicker, but longs get cut first—will you chase this move?
Check in real time: https://www.coinboss.com/currencies/PEPE