AVGO Slips 5.7% to $350: OI +31%, Funding Positive
AVGO perps slide 5.7% while open interest climbs 31%
Broadcom's tokenized perp contract traded down to $350.39 on Binance by the snapshot, off a 24-hour high of $374.29 and 5.72% lower over the day. OKX showed the same tape: $350.21, high $374.33, down 5.83%. What makes the move worth a second look is that total open interest across the eight exchanges reporting AVGO perps did not shrink with the price. It rose 31.3% to $23.4 million.
Price down, positions up. That combination usually means someone is treating the slide as a sale. The funding picture backs that read: the volume-weighted rate is positive at roughly 0.026% per interval on Binance, so the marginal long is paying to keep the position open. This is not a crowd exiting leverage into a falling market, it is a crowd adding leverage into one.
Where the new OI is piling up
The build is not evenly spread. Bybit added 52.3% in 24 hours and another 33% in the last four, taking its share to 20.6% of total AVGO OI. Bitget grew 35.4% over the day, WhiteBIT 36.2%, OKX 29.3%. Gate, by contrast, added only 6.1%, and its four-hour change is basically flat at -0.4%. KuCoin sits in the middle with a 15.3% daily gain.
Smaller venues are swinging harder. Aster's AVGO book is tiny in dollar terms but jumped 894% in a day and 739% in four hours, which matters less for the aggregate and more as a sign that fringe liquidity is chasing the same dip-buying trade. For anyone watching concentration, Bybit, Bitget, OKX and WhiteBIT now hold about 78% of the contract between them.
Why funding stayed positive through the drop
AVGO's average funding rate across reporting exchanges is about 0.017% per cycle and the open-interest-weighted figure is close to it, with Binance printing 0.0258% at the last settlement. Positive funding during a 5.7% daily loss is the clearest evidence that the new positions are longs opened on the way down, not shorts positioning for more downside.
That is a two-sided setup. If the stock finds a floor, the long-heavy book rides a rebound and late shorts get squeezed. If the slide continues, those same fresh longs become the fuel for a second leg lower. The 24-hour low of $342.83 on Binance is the nearest level to watch; a break below it would put the entire post-slide OI build underwater.
What to watch
The AVGO perpetual is a newer corner of the crypto-derivatives market, where tokenized US equity exposure meets crypto-style leverage. The divergence here is plain: the underlying fell out of its $374 top while perp OI grew a third. For traders the signal is that the leveraged crowd is leaning long into weakness, which historically resolves in one sharp move rather than a slow grind.
Data as of 04:30 Beijing time on September 3, covering Binance, OKX, Bybit, Bitget, Gate, KuCoin, WhiteBIT, Aster and other major venues reporting AVGO perpetuals.