Avalanche OI Jumps 30.3% as $450.9M Crowds Into Perpetuals
Avalanche is showing a classic leverage-expansion breakout: price is $11.547, while total open interest has climbed 30.3% in 24 hours to $450.9M. The move is supported by $2.3B in trading volume and a 118.8% daily volume increase, but the derivatives picture is becoming increasingly crowded. A protocol upgrade is also scheduled for mainnet activation, adding a near-term event backdrop to the positioning shift.
OI growth is broad, but Binance leads
Binance holds the largest share at 29.4%, or $132.5M, after adding 25.0% over 24 hours and 6.0% in the latest four-hour window. Bybit is the second-largest venue with 21.8% and $98.1M in OI, up 22.2% daily and 5.3% over four hours. OKX is smaller at 5.2% and $23.3M, yet its 34.6% daily increase is the fastest among the three largest tracked venues. Bitget contributes another 7.8%, with OI up 15.8%.
The important signal is not merely concentration. The four-hour increases are positive across the leading venues, showing that leverage is still being added after the initial move rather than simply reflecting an older buildup. That makes the rally more durable if price keeps advancing, but more vulnerable to a synchronized unwind if momentum stalls.
Funding is positive, while traders disagree
The funding rate is positive on most major venues, with Binance, Bybit, OKX, Bitget and Gate each at 0.01%. Aster also shows 0.01%, while Hyperliquid is at 0.007117% and Backpack at 0.00125%. The dispersion is visible at the other end: BitMEX is negative at -0.0148%, Crypto.com is -0.004336%, and dYdX is -0.000416%. This is bullish carry overall, but not a uniform rush to pay for longs.
The positioning split is more revealing. Across the tracked market, 67.1% of accounts are long, compared with only 43.3% of active taker flow. Binance accounts are 69.4% long, while its takers are just 53.6% long; Bybit accounts are 68.6% long, and OKX takers are 52.7% long. Gate is the clearest contradiction: accounts are 59.4% long, but taker flow is 83.0% short. In other words, many accounts remain positioned for upside, while aggressive execution is still willing to sell into the move. This divergence argues for a squeeze-sensitive market rather than clean trend confirmation.
Short liquidations confirm the squeeze
The liquidation structure favors shorts at every window. In the latest hour, short liquidations reached $375.4K versus $33.1K for longs. Over four hours, the gap widened to $514.6K against $125.5K; over 12 hours, shorts accounted for $2.3M versus $901.9K in long liquidations. The 24-hour total was $6.3M, including $4.2M in shorts and $2.1M in longs.
The largest recorded short liquidation was $177.4K at $10.419, followed by $160.7K at $10.069 and $134.0K at $11.091. These prints show that the market has already forced shorts out across a wide price range, but the presence of a $119.8K short liquidation at $11.405 also suggests that upside stops remain active near the current price.
Verdict: The bullish OI-surge view remains valid while AVAX holds above $11.405 and aggregate OI stays near or above $450.9M, because that combination would indicate continued demand rather than a fading squeeze. A move below $10.419 accompanied by OI falling beneath $450.9M would invalidate the view and signal that leverage expansion has turned into liquidation-driven distribution. Data as of 08:17 Beijing time on Sep 21, covering Binance, OKX, Bybit and other major venues.