AKE +47.6% to $0.0192: OI Tops $83M, Funding Negative
AKE jumped 47.6% over 24 hours to $0.0192, adding a second leg to a move that started on September 3. The token hit an intraday high of $0.02168 before easing, and derivatives open interest climbed 17.6% to $83.3 million as leveraged longs added positions instead of taking profit.
50% off the low, and every venue agrees
Binance lists AKE at $0.019209 with a 24-hour range of $0.012775 to $0.021675. Measured from the low, the current price is up about 50%. Bybit prints $0.019268, up 48.3%, Gate $0.019224, up 48.1%, KuCoin $0.019235, up 48.0%, and Bitget $0.019223, up 47.8%, so the rally is broad across order books rather than one thin market marking itself up. Spot volume on Binance reached $433.8 million over the day, with Bybit at $125.3 million and Gate at $73.7 million behind it.
AKE open interest tops $83M, led by Binance, MEXC and Bybit
Total open interest across seven derivatives venues sits at $83.3 million, up 17.6% in 24 hours. Binance holds the largest share at $32.7 million, or 39.3%, up 16.3%. The fastest builders are MEXC at $15.1 million, up 78.6%, Bybit at $19.8 million, up 36.8%, and Bitget, up 82.7% from a small base of $1.9 million. KuCoin added 24.6% to $7.4 million. One venue moved the other way: aster cut its book by 83.4% to $1.4 million, so part of the net growth is flow consolidating into the bigger exchanges. The last four hours show mild cooling at most venues, between -2.6% and -7.9%, with MEXC still adding 18%, which reads as profit-taking on the edges while the main books hold.
Funding stays negative as shorts keep paying
Weighted funding across venues sits at -0.027% per interval. Binance charges -0.045%, MEXC -0.045% and KuCoin -0.0115%, while Bybit and Gate sit slightly positive at +0.005%. Negative funding during a rally this size means short positions are still crowded and longs are not paying to stay in the trade. Only Bybit and Bitget sit slightly positive at +0.005%, while Binance, MEXC and KuCoin all charge shorts. That keeps squeeze fuel lit if price breaks the $0.0217 intraday high. It also means a stall can unwind quickly, because late longs are leveraged and paying negative carry while holding is not a position people sit in for long.
What to watch next
Three levels matter. The intraday high at $0.02168 is the first resistance, and a clean break there would likely flip funding positive within a couple of intervals. Second, MEXC and Bybit added the most open interest, so their four-hour flow is the tell for whether the move has legs. Third, spot volume pace. Binance traded more than $400 million in the day, and that pace needs to hold for price to consolidate above $0.019. If volume dries up while funding turns positive, the setup shifts from squeeze to distribution.
The crowded short side is the story here. While funding stays negative and MEXC keeps building, dips toward $0.018 look like buying zones rather than reversals. A break of $0.0217 with funding flipping positive would signal the squeeze is over and fresh longs own the top. Until then, the positioning math still favors the upside. Figures captured at 05:50 Beijing time on September 6, covering Binance, Bybit, Gate, Bitget, KuCoin, MEXC and other major exchanges.