In this rebound, the key thing to watch isn’t BTC, but leverage density in small-cap like ON(G).
In the past 24 hours, ON(G) is up 50.2%, trading at 0.0912. But its total open interest across the whole network is only $22.93 million; meanwhile, the trading volume is $1.486 billion—within a day, positions are turnover-swapped 65 times. Its open interest is also swelling: up 191.95% in 24 hours. Binance alone accounts for 47.25% (+127%), Bybit +306%, and Gate is up by a factor of ten. This is new money entering—not old positions propping it up.
The liquidation structure can better show who is behind it. ON(G) liquidated $11.248 million in 24 hours, with 9,891 orders, averaging $1,137 per order. On the same day, BTC liquidated $890 million, with 36,553 orders, averaging $24,352 per order—21 times more than ON(G). The number of orders is in the same order of magnitude: one side has institutional-level positions, the other is retail leverage with only hundreds to a few thousand dollars.
The funding rates here are even more outrageous. The annualized median of ONG funding rates is -1081%. Out of 8 exchanges, 7 are negative: Gate -1238%, Binance -1128%, Bitget -1113%, Bitunix -1102%, Aster -1061%. Only Bybit is still +11%. Shorts are paying money hour by hour, while getting liquidated—713.5 million, accounting for 63.4% of the total liquidations over 24 hours. The ones paying and the ones being carried away are the same group of people.
It’s not a one-way move all the way. Over the past 4 hours, the picture flipped. In the 1.485 million liquidations, longs account for 953,000, and the late chasers are starting to pay tuition. ONG’s 24-hour high touched 0.17275, now at 0.0912—down from the top by nearly half. The +50% on the gainers list has little to do with the people entering in this hour.
Compared to the mainstream: the annualized funding rates for BTC, ETH, SOL, and ZEC are all 10.95%, which is basically the benchmark—no congestion at all. XRP is up 19.98% to 1.392. In the last hour, among 2.037 million liquidations, longs make up 88%—again, it’s the late chasers getting hit. Total liquidations across the whole network in 24 hours are 1.526 billion, with 167,000 trades. Shorts account for 82.9%. But over the last hour, long and short liquidations are 8.36 million and 8.34 million respectively—roughly 50/50. This squeeze phase is basically over.
Fear & Greed Index is 72—within the greed zone.
When you pick something from the gainers list, do you first look at the ratio of open interest to trading volume?
Check in real time: https://www.coinboss.com/funding-rate