MET spot gains 64% in 24 hours to $0.512; open interest value up 285% — wait for the close to confirm before chasing

At around 16:06 Beijing time on October 8, 2026, Binance METUSDT spot was trading at approximately 0.5119 USDT, up 64.33% in 24 hours, with a trading volume of approximately 39.415 million USDT. The latest trade price for the USDⓈ-M METUSDT perpetual contract was approximately 0.5046 USDT, up 62.25% in 24 hours, with a trading volume of approximately 532 million USDT.

Bottom line: MET’s rise is backed by higher trading volume and expanding open interest, but the pace has been very fast. It now looks more like a high-volatility trend acceleration phase, so chasing the price based solely on its gains is inadvisable. There is also a notable discrepancy between spot and perpetual markets. The next thing to watch is whether the 4-hour close can hold, rather than treating an intraday spike as confirmation of a breakout.

I. Spot volume is expanding; short-term price remains in a strong zone

The most recently closed 1-hour candlestick is around 0.5206, with a high that touched 0.5468. Trading volume is about 4.7357 million USDT, roughly 2.80 times the average of the previous 20 1-hour periods. The most recently closed 4-hour candlestick is also around 0.5206, with the range high at 0.5468 and trading volume about 10.8195 million USDT, roughly 5.88 times the previous 20-period average.

On the daily timeframe, the candlestick that closed on October 7 has trading volume of about 23.8014 million USDT, or roughly 6.99 times the average of the previous 20 daily candles. In other words, this leg of the rally wasn’t a no-volume push; however, increased volume can only indicate more active trading and higher turnover, and it cannot, by itself, prove that supply at higher levels is being steadily absorbed.

II. OI is growing quickly, and the risk of chasing the price is rising at the same time

According to Binance USDⓈ-M 1-hour OI data, from 2026-10-07 11:00 to 2026-10-08 16:00, the number of open positions rose from about 17.9452 million to 42.5824 million, an increase of about 137.29%. Using the notional-value definition provided by the interface, OI increased from about 5.6958 million USDT to 21.9457 million USDT, an increase of about 285.30%.

With price rising, trading volume expanding, and OI increasing in sync, it suggests new leverage is coming in. But this could be either trend-following funds or late-chasing positions at higher levels. If the price can’t keep pushing higher, the newly added leverage will make pullbacks happen faster. The latest settled funding rate is about -0.00451, and the perpetual contract mark price is about 0.50365, below the index price of about 0.51267. A negative funding rate indicates the perpetuals are relatively more bearish or trading at a discount; it cannot be interpreted as a “sure bounce,” and it cannot replace price confirmation.

III. Which key levels should we watch next?

First look above at 0.5468. Only if subsequent closed 1-hour candles move back above this level and can hold it—closer to an effective breakout; a quick intraday spike through it does not count as confirmation.

The first downside observation level is around 0.4790, near the recent 4-hour closing area. If the 4-hour closes fall back below that level, the short-term acceleration structure will cool off noticeably. Further down, look at the 0.4517–0.4415 zone, which is a pullback observation band formed during the recent 1-hour and 4-hour fluctuations.

If the price continues to rise but OI value stops increasing, or if the perpetuals’ discount widens and spot trading volume rapidly fades, be alert to leverage squeezing after a spike. Conversely, if after a pullback the market can stabilize with reduced volume above 0.4790, and then re-expand volume to reclaim 0.5468, the structure may have a chance to shift from an “impulsive surge” to a more verifiable trend continuation.

The above data comes from Binance spot and USDⓈ-M public interfaces. The time window is around 2026-10-08 16:06 (Beijing time). MET volatility is extremely high; this article is for recording market structure only and does not constitute investment advice.