Bottom line: PEPE open interest rose 4.8% in a day to $300 million, and shorts accounted for 80% of liquidations as leverage continues to build.
Over the past 24 hours, $486,000 in PEPE positions were liquidated, including $391,000 in shorts, or 80%. Whatever the price direction, the liquidation breakdown alone shows that a batch of traders betting on a decline has already been squeezed out.
Open interest is also diverging: OKX has $31.22 million, up 6.5%; Gate has $104 million, up 4.9%. Combined, the two account for about 45% of the market. Funding rates are positive on most exchanges, averaging about 0.011% (8 hours), meaning long positions are continuing to pay.
The signal is simple right now: open interest is rising, longs are paying, and shorts have been liquidated first again. If you chase the rally, beware of a reversal liquidation cascade if leverage keeps building.
$PEPE $BTC
Longs keep adding to their positions. Will you chase along, or wait for leverage to come down?
View in real time: https://www.coinboss.com/currencies/PEPE