Dogecoin (DOGE) futures activity is heating up even as the token’s price remains weak. According to CoinGlass, DOGE open interest, or the total value of outstanding futures contracts, has risen from $930 million at the end of June to $1.21 billion.
That buildup in derivatives has come while the spot price continues to slide. DOGE is down nearly 3% over the past 24 hours, and its decline over the past year is close to 70%.
Token-denominated open interest nears October 2025 peak
The speculative rebound looks sharper when open interest is measured in DOGE rather than dollars. Current open interest has climbed to 17.18 billion DOGE, close to the 17.78 billion DOGE high recorded in October 2025.
The report said DOGE traded at about $0.25 at that time, compared with $0.70 now. Even with the token’s value having fallen by more than two-thirds from its high, speculative positioning in the futures market has returned.
Rising open interest points to fresh leverage entering the market
Futures allow traders to borrow funds and build positions larger than their starting capital. A sharp increase in open interest is a sign that leveraged money is flowing into the market again.
By itself, though, open interest does not show whether traders are leaning bullish or bearish.
Binance and OKX account ratios show long bias
That picture becomes clearer in long-short account data from major exchanges. On Binance, the ratio of DOGE long accounts to short accounts stands at 3-to-1. On OKX, the ratio is above 5-to-1.
Those figures do not mean bullish capital is several times larger than bearish capital, but they do show that most retail traders and accounts are still positioned on the long side despite the continued drop in price.
Further declines could trigger forced liquidations
The report said those leveraged long positions now represent a key risk point for the market. If DOGE keeps falling and traders run out of margin, exchanges could begin forced liquidations.
That would push large numbers of long positions into system-driven selling in a short period of time, adding extra pressure to a market that is already weak.