AVAX Open Interest Near $494.8M as Long Accounts Outrun Takers
Avalanche derivatives are showing a split signal at a price near $10.99: open interest is close to $494.8M, while 71.8% of tracked accounts are long but only 49.7% of taker flow is long. That gap points to passive bullish positioning without matching urgency from active buyers. Separately, market commentary is linking Avalanche’s expanding project activity with a tightly coiled AVAX price outlook.
OI is concentrated, but exchange direction disagrees
The open interest map is led by Binance at $112.9M, or 22.8% of the total, followed by Gate at $96.3M and 19.5%, Bybit at $79.7M and 16.1%, and Bitget at $32.3M and 6.5%. The important divergence is in the daily change: Gate OI rose 5.3%, Bitget increased 1.5%, and OKX added 0.3%, while Binance slipped 0.1% and Bybit fell 0.5%. Gate is therefore adding the most exposure among the larger listed venues, whereas two of the deepest pools are slightly reducing it.
The shorter window is less uniform. Binance OI climbed 2.4% over 4 hours and Bitget gained 1.7%, while OKX declined 0.4%; Gate was nearly flat at 0.0%. Across all venues, total OI increased 0.5% over 24 hours, a modest expansion that does not yet confirm a broad directional chase.
Funding is positive, but not uniformly crowded
Current funding rates reinforce the uneven positioning. Binance, Bitget, and several other venues show 0.010%, while Bybit is at 0.005% and OKX at 0.006%. Gate is higher at 0.008%, and Coinbase is at 0.006%. This is broadly positive funding, but the spread is meaningful: BitMEX is negative at -0.015%, while CoinEx is much more negative at -0.106%. The aggregate funding average is only 0.000219% on an 8-hour basis, so the long-account majority has not translated into a uniformly expensive long carry.
That makes the account-versus-flow split more important than the headline long bias. Binance accounts are 66.8% long, and Bybit reaches 75.7%; OKX is 72.9% and Gate is 63.0%. Yet the available taker reading is softer: Binance takers are 65.7% long, while Gate takers are only 58.1% long. The long/short ratio is therefore strongest at the account level, not necessarily in aggressive execution.
Liquidations favor a fragile long-side structure
The liquidation profile adds a second warning. Over 24 hours, total liquidations reached $486.2K, with $358.4K from longs versus $127.8K from shorts. Over 12 hours, the imbalance narrowed but remained long-heavy: $347.7K long liquidations against $80.3K short liquidations. In the latest 4-hour window, however, shorts accounted for $62.9K while longs contributed only $531.52, suggesting a short squeeze attempt after earlier long deleveraging.
The largest recorded liquidation was a $145.5K long at $10.765, while the largest short liquidation was $61.6K at $11.131. These two prices define the immediate stress corridor. With basis at -0.1% and annualized basis at -19.9%, futures pricing still carries a defensive tone despite positive funding on many venues.
Verdict: AVAX has a positioning-divergence setup rather than a clean bullish trend. The key support test is $10.765, while $11.131 is the near-term squeeze trigger; OI near $494.8M should be watched alongside Binance’s $112.9M concentration. A break below $10.765 with renewed long liquidations would confirm that crowded accounts are vulnerable. Conversely, a move above $11.131 accompanied by expanding short liquidations would invalidate the bearish divergence view and signal that active demand has finally caught up with account positioning. Data as of 18:09 Beijing time on Oct 5, covering Binance, OKX, Bybit and other major venues.