Avalanche Derivatives: 71.5% Long Accounts Face $703.9M Liquidations
Avalanche derivatives are showing a dangerous mix of expanding exposure and crowded longs: total open interest reached $494.2M after rising 4.8% in 24 hours, while 71.5% of tracked accounts held long positions. The imbalance is already visible in forced exits, with 24-hour long liquidations at $703.9M versus $140.1M for shorts.
Market commentary is focusing on Avalanche’s institutional attention and its need to prove that its current momentum can compete with stronger established networks.
Open interest is rotating, not broadening
The open interest leaderboard shows Binance still holding the largest share at 23.9%, with $117.9M deployed, although its position fell 1.5% over 24 hours. Bybit ranked next among the listed venues at 16.5% and $81.5M, but its exposure dropped 5.6%. Gate held 15.7% and $77.4M after a 8.2% increase, while Bitget controlled 6.8% and $33.5M after gaining 7.0%.
That split matters for the negative-funding thesis. Aggregate exposure increased, but two of the largest books contracted while Gate and Bitget expanded. The result is not a clean, market-wide accumulation signal; it looks more like leverage is being redistributed toward venues where long positioning can remain vulnerable. OKX represented 4.4% of open interest at $21.6M and also declined 1.0%.
Funding is positive, but the stress is uneven
The current funding rate is positive on most major venues, contradicting a simple claim that AVAX is broadly trading under negative funding. Binance printed 0.0076%, OKX 0.0079%, Bybit 0.0100%, Gate 0.0100%, and Bitget 0.0100%. Smaller differences still reveal dispersion: Hyperliquid and Backpack were at 0.0013%, while Kraken was negative at -0.0016% and BitMEX at -0.0148%. CoinEx showed the most extreme negative reading at -0.1060%.
This is better described as fragmented funding pressure than a uniform bearish funding regime. Positive rates on the largest listed venues indicate longs are still paying to stay open, while negative readings on selected venues show that the trade is not synchronized. The average eight-hour funding rate was 0.000371%, keeping the aggregate signal mild even as venue-level positioning becomes more fragile.
Liquidations confirm a long-side flush
The liquidation windows are decisively one-sided. In the latest four-hour window, long liquidations reached $124.8K against only $919.5 for shorts. Over 12 hours, longs accounted for $199.8K versus $61.1K for shorts. The 24-hour total widened further to $703.9K in long liquidations and $140.1K in short liquidations across 274 events.
The largest recorded long liquidations occurred around $10.855 and $10.889, worth $47.5K and $46.9K respectively. Those levels identify a nearby stress zone rather than a distant theoretical risk. A continued break through that area would likely force more crowded longs to reduce exposure, especially while total open interest remains elevated.
Positioning data adds an important contradiction. The long/short ratio among accounts was high on Binance at 2.5, OKX at 2.0, Bybit at 3.0, and Gate at 1.8. Yet Binance taker flow was only 34.6% long versus 65.4% short, while Gate takers were 88.4% long. Accounts are positioned long, but active execution is split sharply by venue, suggesting traders are using dips either to hedge or to add selectively rather than expressing one unified view.
Verdict: AVAX remains vulnerable while price is near $11.116, open interest stays around $494.2M, and long liquidations continue to dominate. The bearish view strengthens below the $10.855-$10.889 liquidation zone; it is invalidated if AVAX reclaims and holds above $11.116 while open interest expands beyond $494.2M without another surge in long liquidations. Data as of 17:25 Beijing time on Oct 1, covering Binance, OKX, Bybit and other major venues.