The Oct. 28 Shiba Inu (SHIB) open-interest readings cannot establish a marketwide move because they were taken hours apart and each snapshot covered a different number of exchanges.
At 8:26 a.m. ET (12:26 UTC), one reading showed $39.50 million for 10 perpetual contracts listed on nine exchanges. The historical summary for that reading left out MEXC. At 1 p.m. ET (17:00 UTC), a later reading totaled $60.85 million across seven exchanges.
Open interest reflects futures positions that are still active, while trading volume totals contracts traded during a defined interval. One concerns contracts that have not been closed; the other counts trading activity over time. Neither metric alone identifies the market’s overall net long or net short position.
