Conclusion first: ONE’s open interest jumped 31.3% in a day, yet longs and shorts were both liquidated. Binance’s annualized funding rate is about 135%, and both sides are digging in hard.
ONE futures open interest rose to $36.65 million. Binance added 39.0%, while OKX added 26.0%. Over the last 24 hours, liquidations totaled $0.631 million: $0.353 million for longs and $0.277 million for shorts—both directions are being cleaned out.
On Binance, the funding rate every 4 hours is negative, and longs keep getting paid. The rate is extremely low and open interest has surged sharply, but liquidations don’t show a clear bias toward one side. It feels more like high-leverage two-way everyone rushing ahead; a negative funding rate can’t directly be taken as a reversal signal.
Do you think ONE is building up momentum, or has the leverage already been stacked to the max?
$ONE $BTC
View in real time: https://www.coinboss.com/currencies/ONE