Long traders in Dogecoin (DOGE) futures faced the highest recurring funding cost across five crypto markets in a Nov. 11 snapshot, while the value of outstanding DOGE contracts slipped.
At 6:05 p.m. ET Nov. 11 (23:05 UTC), the DOGE rate stood at 0.0085% for each eight-hour interval, equal to 9.3% annualized. Funding was positive in all five markets, meaning traders with long positions paid those holding short positions at the scheduled intervals.
Ether (ETH) was the only market with higher open interest over the previous 24 hours, rising 0.76% to $4.69 billion. Bitcoin (BTC) open interest fell 2.31% to $7.17 billion, XRP declined 2.78% to $319.4 million, and Solana (SOL) dropped 0.87% to $794.6 million. DOGE open interest was $162.5 million after a 0.11% decline.
Open interest is the value of futures contracts still outstanding. A change in that total records a change in active contract value, but does not by itself show whether traders expect the underlying asset's price to rise or fall. DOGE's mark price in the snapshot was $0.0676.
The comparable eight-hour funding rates were 0.0070% for XRP, 0.0065% for Ether, 0.0030% for Bitcoin and 0.0026% for Solana. Those equated to annualized rates of 7.7%, 7.1%, 3.3% and 2.8%, respectively.
Long accounts made up a majority in each market. They accounted for 71.5% of DOGE accounts and 77% of Solana accounts; the shares were 75% for XRP, 75.9% for Ether and 71.8% for Bitcoin.
DOGE's annualized rate was 4.5% in the Oct. 24 snapshot, when XRP led at 10.9%, according to EconoTimes' earlier five-asset futures snapshot. DOGE also reached 9.3% annualized in the Oct. 18 reading.
