Open interest in the derivatives markets for Dogecoin and XRP has fallen back to levels last seen in 2024, according to data from Coinglass. Slower capital inflows into the broader crypto market and extended outflows have weighed on the price action of these cryptocurrencies, and the impact is now visible in their futures markets, where investor positioning has been scaled back.
Dogecoin’s open interest, for one, is now below $1 billion, while XRP’s figure is now back to late November 2024 territory, effectively erasing over a year of position buildup in the futures market.
Dogecoin Open Interest Falls Below $1 Billion
Data from Coinglass shows that Dogecoin’s total open interest currently stands at 10.63 billion DOGE across multiple exchanges. Based on the current price action of Dogecoin, this total open interest is valued at $992.65 million.
Interestingly, this is a return of Dogecoin’s open interest to sub-$1 billion levels in USD terms, something not seen since October 2024. Since late 2024, Dogecoin’s open interest has consistently held above the $1 billion mark, even during periods of price consolidation. However, this is not the case anymore in February 2026. Most of this can be attributed to the fact that Dogecoin has lost major price support levels since the beginning of 2026.
A breakdown of exchange data shows that Binance holds 2.09 billion DOGE in open interest, worth approximately $195 million, accounting for 19.64% of the total. Gate leads in USD terms with about $228.99 million in open positions, representing 23.06% of the market share. OKX follows with $99.74 million, while Bybit holds $86.52 million.
In the past 24 hours, the total Dogecoin open interest across exchanges is down 3.11%, reflecting continued deleveraging. Some exchanges have seen more declines, with Gate down 13.83% and BingX down 24.75% over the same period.
XRP Open Interest Returns To Late November 2024 Levels
XRP’s open interest has also suffered the same fate as Dogecoin, with total open contracts now standing at 1.65 billion XRP, valued at $2.27 billion. This brings XRP’s derivatives exposure back to levels last seen in late November 2024, when the XRP open interest was hovering just below $2.5 billion.
On a 24-hour basis, total XRP open interest is down 0.61%. The Chicago Mercantile Exchange (CME) currently leads with 378.89 million XRP in open contracts, valued at $519.11 million. Binance comes second with 339.57 million XRP worth $465.17 million, accounting for 20.52% of open interest.
Other notable positions include Bybit with $225.82 million and Gate with $200.67 million in open contracts. However, some exchanges have seen sharp daily declines, including Gate, which is down 17.24% over the past 24 hours, and BingX, which is down 31.19%.
Featured image from iStock, chart from Tradingview.com
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