Listen to me: DOGE's recent futures market activity is far from simple on the surface. Open interest surged by 7% in one go, reaching $1.52 billion, and trading volume skyrocketed to $12.25 billion — these numbers are unusual.

But what’s most worth digging into is how this money is distributed. Gate took away $418.3 million of open interest, far ahead of other platforms. Followed by $292.12 million, Bitget with $147.72 million, and scattered positions across other exchanges. Many people see this and think it’s just about open interest data.

Actually, that’s a big mistake. This is the real point of interest.

The crypto market has a hard rule: capital flow = opportunity flow. The distribution of open interest across exchanges is like a map of capital. Different types of investors gather on different platforms, and their operational logic varies greatly. Large platforms with high open interest indicate big players and institutions participating; these players prefer steady, cautious strategies and don’t follow trends blindly. Conversely, smaller platforms with high activity attract retail investors, whose operations tend to be more aggressive — chasing gains and cutting losses is common, and even small market movements can trigger intense volatility.

So, to understand what’s really happening behind DOGE’s futures frenzy, the key is the distribution of open interest.