BTC Funding Split: Top Venues 2 Positive, 3 Negative
BTC Funding Split: Binance and OKX Positive, Bybit, Bitget and Gate Negative
BTC funding rates are no longer moving in one direction. Right after the failed push toward $80,000, the top venues split: Binance charges +0.0072% per 8 hours, OKX +0.0067%, Deribit +0.01%. Bybit sits at -0.0023%, Bitget at -0.0065%, Gate at -0.0027% and HTX at -0.0035%. Longs on Binance and OKX still pay shorts, while shorts on Bybit, Bitget and Gate get paid to hold their positions. That is a rare setup: the two biggest venues are pricing in bullish pressure, while several mid-tier venues are paying people to stay short.
The 4-Hour Flip: Shorts Got Flushed, Longs Are Paying Now
The split matches what liquidation data shows. Over the past 24 hours, shorts lost $121M against $68.6M in long losses, a squeeze that carried price from a $76,649 low to a $79,975 high. In the last 4 hours the picture flipped: $59.1M in longs were wiped against just $5.8M of shorts, or 91% of the recent total. The biggest single liquidation right now is a $4.37M long on Binance, caught at $78,093 as price faded from the $80K mark. So the crowd that got squeezed first was short, and the crowd paying now is long. The order of events matters: the short squeeze set the stage, and the long flush is the correction to it.
OI Holds at $45.3B: Leverage Is Rotating, Not Leaving
Total open interest still stands at $45.3B, up 1.87% in 24 hours, with Binance adding 3.39% and Bitget 3.35%. Leverage did not exit after the round trip; it moved from crowded shorts into fresh longs. That makes this pullback different from a de-leveraging crash. The fuel is still in the tank, just pointed the other way. When a market keeps its open interest through a violent two-sided flush, it usually means participants are re-arming rather than quitting.
What the Split Tells You
When the top venues disagree on funding, the market is mid-rotation rather than trending. If price keeps fading, the longs added over the last day become the next cascade, with the $76.6K low as the line to watch. If price reclaims $79K and funding on the negative venues turns positive, the squeeze simply resumes with more ammunition. Either way, the 2-versus-3 funding split is the signal that direction is not settled. Watch the negative venues first: a flip to positive there usually leads the next leg.
Data as of 04:27 Beijing time (Aug 25), covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.