The takeaway first: DOT open interest rose 5.9% in a day to $200 million, but longs accounted for 90% of liquidations over the past four hours. Traders piling in with leverage were the first to get hit.
Over the past four hours, $13,600 in DOT positions were liquidated, including $12,300 in long positions, or 90.6%. Over 24 hours, liquidations totaled $123,000, with shorts accounting for 62.3%. In the short term, both sides are taking turns getting wiped out; this isn’t a one-way market.
The increase in open interest came mainly from venues other than Binance and OKX: Binance’s open interest rose 1.9% day over day, OKX’s rose 1.9%, and Hyperliquid’s rose 4.0%. Funding rates on Binance and OKX are both 0.01% (settled every 8 hours), equivalent to an annualized rate of about 11%—longs keep paying to hold their positions.
$DOT $BTC
Open interest is still rising, but longs are getting liquidated first. Will you keep going long?
View in real time: https://www.coinboss.com/currencies/DOT