The conclusion first: INJ's total open interest has barely changed, but both longs and shorts are pulling back. Over the past 4 hours, longs were liquidated first, so positions remain under pressure.
INJ's total futures open interest across all exchanges is $142 million, up just 0.37% over 24 hours. Open interest on Binance fell 3.01%, and on OKX it fell 6.31%. Both major exchanges are reducing positions, with the increase coming mainly from other exchanges.
Liquidations were skewed toward longs: $18,200 were liquidated over the past 4 hours, of which $17,400 were long positions, accounting for 95%. A single OKX long position made up more than 70% of liquidations during this period. Over the past hour, just $795 was liquidated, all of it short positions, indicating that short-term selling pressure has clearly eased.
Binance's funding rate is 0.00947%, which annualizes to about 10% based on 8-hour settlements. Longs are still paying, but the rate isn't extreme; combined with declining open interest on major exchanges, this looks more like leverage gradually unwinding than a new one-way rush.
Do you think INJ will rebound next, or keep squeezing out longs?
View in real time: https://www.coinboss.com/currencies/INJ