The conclusion first: OP open interest rose 8.9% in 24 hours, but Binance has a negative funding rate while OKX has a positive one, splitting costs between longs and shorts.
Total open interest across exchanges is about $91.93 million. It rose 18.59% on Binance and 45.49% on OKX; however, over the past 4 hours, open interest on the two exchanges fell by 6.14% and 5.06%, respectively, showing signs of short-term deleveraging.
Binance funding rate: -0.003531%, with shorts paying longs; OKX funding rate: +0.010000%, with longs paying shorts. Liquidations totaled $722,000 over the past 24 hours: $459,000 in short positions and $263,000 in long positions. Over the past 4 hours, long liquidations totaled $53,000, while short liquidations were just $3,047.
Open interest is still rising, but short-term liquidations are skewed toward longs, suggesting continued pressure on leveraged buyers chasing the rally. Which side do you think OP will squeeze next?
$OP $BTC
View in real time: https://www.coinboss.com/currencies/OP