Bottom line: The sharp drop in the 1000RATSUSDT perpetual contract should not yet be treated as a “reversal.” Over the past 24 hours, the contract price fell 28.45%. On October 13, daily contract turnover surged to about 53.23 million USDT, but open interest (OI) has only recovered from a low level over the past hour. Price, trading volume, and open interest have yet to show a synchronized recovery.

As of 09:28 Beijing time on October 14, Binance USDⓈ-M 1000RATSUSDT was trading at 0.01625 USDT, with a 24-hour high of 0.02515 and a low of 0.01586. Contract turnover was about 47.93 million USDT. These figures are for the perpetual contract; the spot interface did not return the corresponding trading pair, so this turnover should not be described as spot inflows or outflows.

Looking at the daily candlestick, from 08:00 on October 13 to 08:00 on October 14, it opened at 0.03404, reached a high of 0.03414, fell to a low of 0.01586, and closed at 0.01667, with trading volume of approximately 53.23 million USDT. The previous day’s volume was approximately 701,000 USDT, making this about 75.9 times higher. Such enormous volume alongside a sharp decline looks more like concentrated liquidation; high volume alone cannot prove that a bottom has formed.

The short-term structure also offers no clear confirmation that the decline has stopped. The most recently closed four-hour candlestick, covering 04:00–08:00, opened at 0.01850, reached a high of 0.01954, fell to a low of 0.01738, and closed at 0.01778, with trading volume of approximately 6.416 million USDT, slightly below the previous candle’s approximately 6.694 million USDT. The current 08:00–12:00 candlestick is still forming, so intraday fluctuations should not be described as a breakout or reversal.

As for open interest, OI was approximately 249.9 million contracts at 08:00 on October 14 and recovered to approximately 253.2 million contracts by 09:00, an increase of about 1.3% in one hour. However, it was still about 3.8% lower than at 09:00 the previous day. Notional OI fell from approximately 9.27 million USDT to 4.13 million USDT, a decline of about 55.4%, partly reflecting the price drop. This indicates a contraction in leverage, but cannot by itself determine market direction.

The most recent funding rate settlement was +0.005% per interval, following a previous settlement of -0.019042% per interval. The current mark price is approximately 0.01624, slightly below the index price of 0.01628214. The shift between positive and negative funding rates, along with the slight discount, indicates that the market is still undergoing sharp repricing—not that it is safe to go long.

Watch three levels next: 0.01586 is the level whose breach would extend the current decline; 0.01738–0.01778 is the range spanning the low and close of the most recently closed four-hour candlestick; and 0.01954 is the high that the short-term recovery needs to reclaim. A rebound would be closer to confirmed only if a subsequent four-hour candle closes back above 0.01954 without a significant divergence in trading volume and OI. If a candle closes below 0.01586, the current rebound thesis is invalidated.

Data source: Binance Futures public APIs for 24-hour market data, four-hour and daily candlesticks, Open Interest History, funding rates, and the Premium Index. Data retrieved at 09:28 Beijing time on October 14, 2026.