DASH -6.3% to $65.4: OI Sheds 13.5%, Funding Pinned at Cap

DASH's two-day short squeeze has broken apart. The privacy coin is trading near $65.4 on Binance and OKX, down 6.3% in the last 24 hours after a fresh push to $72.40 failed, and the leveraged longs who rode the rally are now heading for the exits. Open interest across major venues has dropped 13.5% to about $111.3 million, yet funding rates are still stuck at the 0.01% ceiling. That pairing usually does not hold for long.

DASH squeezed shorts for two days, then stalled at $74.6

The setup looked simple on Sept 4, when DASH traded near $47.5. A two-day squeeze followed, carrying the coin to a $74.6 peak on Sept 5 as leveraged shorts were repeatedly forced to cover and open interest ballooned along the way. The follow-through never arrived. Over the past 24 hours DASH made a lower high at $72.40, rolled over and touched $64.30 before steadying near $65.4. The slide happened while bitcoin barely moved, so this reads as a coin-specific unwind rather than a market-wide selloff. What made the squeeze unusual was how fast leverage piled in, and the current drop is mostly that same leverage coming back out.

Open interest sheds 13.5% to $111.3 million

The retreat is broad across venues. Binance, the largest pool with a 32.4% share, has cut its open interest 13.6% to $36.0 million in a day. KuCoin, the second-biggest book at 19.9% of the total, led the exodus with a 18.8% drop to $22.1 million. MEXC is down 15.1% to $12.4 million, Bybit 15.3% to $10.6 million, and OKX 12% to $6.9 million. Only a few smaller venues added exposure, with Hyperliquid up 2.1% to $4.5 million and Gate up 10.4% on a small base. The unwind is also not finished: Binance open interest is down another 6.4% in the past four hours alone, which points to deleveraging that is still in motion rather than a completed reset.

Funding at the cap means the long crowd has not folded

Here is the interesting part. Funding on Binance, OKX, Bybit, Gate and KuCoin is still at 0.01% per eight hours, the ceiling for most books, even with the price down 6.3% and positions bleeding. That means longs who are underwater are still paying maximum carry to stay in the trade. This creates two-sided risk. If DASH breaks the $64.30 low, the remaining leveraged longs could cascade out and accelerate the drop. If shorts front-run that breakdown and pile in while funding is this stretched, another squeeze is possible. The cleanest signal is funding itself: a reset toward zero would show the crowded longs have finally exited and that DASH can build a real base. Until then, expect chop around $65 with wider-than-usual wicks rather than a clean trend. For traders holding perp exposure, the sensible move is to cut size until that reset shows up and to treat $64.30 and the $72.40 high as the two levels that frame the next leg.

Data as of 02:15 Beijing time on Sept 8, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, KuCoin, MEXC and other major exchanges.