0G -11% to $0.195: Binance OI -10%, MEXC +37%, HL +117%

0G breaks to fresh lows as buying dries up

0G dropped 11% in the last 24 hours to $0.195, and the move is worse than the headline number suggests. The token topped out at $0.2597 during the day and is now trading about 25% below that peak, just above the session low of $0.1902. Binance shows a 24-hour range of $0.2584 to $0.1915, with OKX at $0.2576 to $0.1915, so the two venues are telling the same story: sellers took control in the second half of the session and no dip-buying wave has arrived to defend the $0.19 zone.

Open interest rotation: majors cut while smaller venues add

The liquidation-driven pullback is not hitting every exchange equally. Total open interest in 0G contracts sits at $25.6 million, down 9.3% in 24 hours, but the decline is concentrated on the big venues. Binance, which still holds the largest share at 32.7%, trimmed its book by 10.4%. KuCoin cut 28.5% and OKX 26.2%, while Bybit reduced 20%. Against that, MEXC built its position 37.4% and Hyperliquid added a striking 117%, though from a small base of about $1 million.

That split matters. When leverage exits the majors but piles into MEXC and Hyperliquid, the risk sits with traders who entered late and with thinner liquidity behind them. A flush on those venues could be quicker and more violent than the steady unwind we saw at Binance.

Funding stays negative as longs keep paying

Funding rates confirm the bearish tilt. Binance charges -0.0199% on its four-hour cycle, KuCoin -0.0177% and MEXC -0.0198%, which means short holders are being paid to stay in position. Longs are funding the market and still losing ground on price. Liquidations in the last 24 hours reached $2.26 million, split almost evenly between $1.23 million of longs and $1.03 million of shorts, a pattern that shows leveraged buyers keep trying to catch the falling knife rather than capitulating outright.

What to watch next

The key level is $0.19. If price breaks below the session low with volume, the fresh leverage added on MEXC and Hyperliquid becomes the most exposed, and the flush could accelerate. A recovery attempt needs funding to turn positive first, or at least for Binance to start rebuilding its book. Until one of those happens, the path of least resistance remains down, and the rotation in open interest is a warning that the weakest hands are the ones adding risk right now.

Data as of 04:45 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, MEXC, KuCoin and other major exchanges.