For friends still debating whether DOGE is worth jumping in, you might need to look at this issue from a different angle. While most people's attention is locked on the $0.1227 price point, I checked the open interest data across six major platforms and found an interesting phenomenon—signals revealed by fund flows can tell us more than just price movements.

As the trading cycle approaches the end of 2025, DOGE's open interest suddenly surged by 7%. This in itself isn't particularly rare, but the subsequent distribution of funds appears somewhat peculiar: Gate platform alone accumulated $418.3 million in open interest, surpassing the share of a leading exchange ($292.12 million) and Bitget ($147.72 million). Other mainstream platforms show a much more dispersed trading volume.

Here's a key point—open interest represents market enthusiasm and leverage participation. The total open interest of $1.52 billion combined with $12.25 billion in futures trading volume indicates that DOGE is now attracting maximum attention, with more and more leveraged funds pouring in. But there's an easily overlooked detail: the distribution of funds for the same asset across different exchanges reflects the types and styles of participants involved in this market cycle.

Retail funds are usually more scattered, flowing wherever the market heats up. Institutional funds, on the other hand, tend to be more precise in their deployment and seek deep liquidity. Looking at the data—Gate's extremely high concentration, contrasted with the relatively balanced distribution across other platforms—this comparison is quite insightful. It's not just about the amount of funds; it’s a microcosm of market sentiment and the way capital is playing the game.