Conclusion first: INJ positions increased by 4.62% in one day, but in the four-hour liquidation, longs accounted for 67%—the people who added positions got cut first.
Total INJ futures open interest across the whole network is $142 million. Gate saw its positions rise by 65.78% in a day, while MEXC rose by 5.47%. Binance only increased by 0.58%, and OKX actually fell by 9.83%. Capital isn’t flowing in neatly in the same direction—platforms have already diverged.
In a four-hour liquidation of $6,638, longs lost $4,465 while shorts lost $2,173. The amounts aren’t huge, but it shows that the long traders who kept adding positions took the bulk of the losses.
Binance and OKX both have funding rates of 0.01% (over 8 hours), which annualizes to roughly 10.95%. Longs are still paying to maintain their positions. When position increases overlap with long liquidations, don’t just look at positions rising in the short term and treat it as a one-way signal.
$INJ $BTC
Do you think this is new money coming in, or turnover after the long side is crowded?
Check in real time: https://www.coinboss.com/currencies/INJ