BMT +60.7%: OI Jumps 194% to $16.3M, Funding Negative

BMT up 60% in a day

BMT traded at $0.02401 on Binance, up 60.7% over 24 hours. The range was wide: a low of $0.01479 and a high of $0.02442, meaning anyone holding from yesterday's close nearly doubled their money before the pullback. Trading volume on Binance reached $93.2 million in 24 hours, a level this token rarely sees. The move looks like a classic short squeeze setup, but the funding data says the squeeze may not be finished.

Open interest tripled to $16.3M

Perpetual open interest across venues jumped 194% in 24 hours to $16.3 million. Binance holds the largest share at $6.98 million, up 167%, with KuCoin close behind at $4.58 million and a 248% increase. MEXC grew the fastest at 371%. Even the 4-hour window shows acceleration: Binance OI is up 104% and Bybit 112% in the last four hours alone. New leverage is being built quickly, and most of it appears to sit on the short side.

Funding stays negative while price climbs

Funding is negative across all ten venues that report it. Binance sits at -0.75% per interval, Bitunix at -0.81%, and BingX at -0.79%. When funding is negative, shorts pay longs to hold positions. A negative rate on a token that just rose 60% is unusual: it means traders keep adding shorts even as the price moves against them. That imbalance is what fuels further squeezes, because each short that gets liquidated has to buy back the token.

What to watch

The key number is funding. If it flips positive, the squeeze narrative weakens and longs start paying, which often precedes a pullback. If it stays negative, expect more violent up moves on thin liquidity. BMT is not listed on OKX, so its derivatives market is concentrated on Binance, KuCoin, Bybit and a few smaller venues, which makes the funding signal noisier. Size positions accordingly; a token that tripled its open interest in a day can unwind just as fast.

Data as of Beijing time August 26, 06:16, covering Binance, Bybit, KuCoin, MEXC, Gate and other major venues.