Bottom line: ATOM open interest rose 1% in a day, but 24-hour open interest fell on both Binance and OKX. It may look like longs are adding positions, but in reality, positions are changing hands.
Total open interest across all exchanges stands at $87.85 million, up just 1.02% in 24 hours. Binance open interest fell 2.58%, and OKX’s fell 2.46%. Both major exchanges saw positions unwind, with the increase coming mainly from other exchanges.
Funding rates aren’t aligned either: Binance charges longs 0.0011% every 8 hours, while on OKX, shorts pay longs 0.0131%. The rates are positive on one exchange and negative on the other, showing that traders aren’t united in chasing the rally.
ATOM is currently at $1.777, down 1.06% on Binance and 1.11% on OKX. Its 24-hour high and low were approximately $1.807 and $1.726. Liquidations totaled $75,000 over the past 24 hours, with longs accounting for 96%—even a slight dip was enough to wipe out positions chasing the rally.
$ATOM $BTC
Funding rates are diverging, but open interest hasn't increased noticeably. Would you wait for the direction to align before entering?
View in real time: https://www.coinboss.com/currencies/ATOM