Conclusion first: BNB open interest rose by 1.5% in a day, and long liquidations accounted for 83%. But major exchanges’ positions are still stacking higher, and those chasing shorts are getting hit first.
In the past 24 hours, BNB liquidations totaled $1.63 million, with shorts at $1.35 million, or 83%. In the most recent 4 hours, shorts became even more concentrated—$723,000 was liquidated, accounting for 91% of this liquidation period. The direction is very clear: positions that chased shorts on the pullback couldn’t hold.
The total BNB contract open interest across the entire network is $1.177 billion. Binance increased by 2.11% in one day, OKX by 5.24%, and Hyperliquid even by 14.56%; but Gate reduced its position by 1.18%. Capital didn’t enter all at once—divergence has already emerged between exchanges.
Both Binance and OKX fees are near positive values. About every 8 hours they charge roughly 0.01%. The long side is paying, and it’s not extremely congested yet. What we should focus on now is whether, as positions keep rising, the liquidation trend might switch from shorts back to longs.
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Do you think this BNB move is absorbing shorts, or that the long side is taking the last baton?
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