Dogecoin Up/Down order book microstructure on Polymarket

• 554 DOGE Up/Down markets, led by 394 five-minute contracts
• Average market spread of 0.0363 (median 0.0300)
• Average top-of-book liquidity of about $12,054 per market over three days
• 1.56% of the last 24 hours of DOGE book snapshots were crossed
• All 554 markets settle on chainlink_twap reference prices

The archive holds 554 Dogecoin Up/Down markets as of 2026-10-17: 394 at 5 minutes, 147 at 15 minutes and 13 at 4 hours. It is the smallest of the majors-only series - fewer than HYPE's 608 - but Dogecoin compensates with liquidity.

219 markets have resolved, split 103 up to 116 down (47.0% up). That is close to balanced and near XRP's 46.8%, so Dogecoin, like XRP, is a reasonable control asset for strategies that should not depend on direction.

Dogecoin averages a 0.0363 spread with a 0.0300 median - three ticks at the median, between BNB (0.0415) and the majors. Dogecoin is the tightest of the sub-$1 quote assets in the basket.

Its depth is a genuine surprise. Three-day average top-of-book liquidity is about $12,054 per DOGE market, above BNB's $11,710 and XRP's $16,649 is higher still, but well ahead of HYPE and ZEC. Dogecoin is often underrated as a liquid venue simply because it has fewer listed markets than Solana or XRP.

import requests

BASE = "https://api.polyorderbooks.com/v1"
HEADERS = {"X-API-Key": "your-key"}

slug = "doge-updown-5m-1787486400"
r = requests.get(
    f"{BASE}/markets/{slug}/metrics",
    headers=HEADERS,
    params={"start_ts": 1787486400, "end_ts": 1787486700, "resolution": "1s"},
)
r.raise_for_status()
for pt in r.json()["data"][:3]:
    print(pt["t"], "liq=", pt["liquidity"], "spread=", pt["spread"])

Dogecoin's crossed rate is 1.56% over the last 24 hours (7,121 of 457,049 snapshots). That sits between XRP's 1.90% and BNB's 1.30% - modest, and consistent with a three-tick-wide book that reprices at a moderate cadence.

Dogecoin also has fewer outcome tokens than the majors (930 versus 1,124 for BTC), because it lists fewer 4-hour markets. A strategy that pools snapshots across assets should weight by liquidity, not by token count, to avoid over-representing the denser Bitcoin series.

All 554 Dogecoin markets settle on a Chainlink TWAP reference price. Unlike BNB, HYPE and ZEC, Dogecoin's reference capture began with the early cohort at 07:38 UTC on the measurement day, so it holds 63,498 observations - a full series for grading.

That makes Dogecoin an easy asset for settlement-linked backtests: the market series and the reference series start together, so you can pair every doge market with the spot and TWAP observations it settled against.

The Starter plan is free, includes order books, prices, and metrics at 250ms resolution, with 3 days of history, 60 requests/min, 1,000/day, 1 free AI backtest, and 3 strategy backtests. No credit card required.

Paid data windows from $19/mo extend history to 30–120 days at higher throughput. Backtest AI add-on is +$19/mo or standalone at $29/mo.

• Polymarket DOGE data
• Crypto microstructure data
• Order book API guide