DEXE +33% to $2.54: OI Jumps 52%, Funding Stays Negative

DEXE's 33% jump in 24 hours

DEXE climbed to $2.54 on Binance at snapshot time, up 32.6% over 24 hours. The session low was $1.892 and the high touched $2.573, so the move covered a wide band before settling near the top. Aggregate spot volume across the tracked venues reached about $344 million in 24 hours, with Binance carrying $53.8 million on its own. The rally started from a quiet base, which is why the percentage move looks bigger than the absolute price change.

Open interest rose 52% and accelerated in the last 4 hours

Total open interest in DEXE futures climbed 52.4% in 24 hours to $29.1 million. Binance holds 43% of that at $12.5 million, up 51.4% on the day. The sharper signal is the four-hour window: Binance OI added 40.5% in the last four hours, MEXC 74.6%, Bybit 46.9%, Gate 49%. That profile points to fresh positions building during the rally instead of old shorts quietly closing out. MEXC posted the fastest daily jump among the larger venues at 87.8%, and its share of total OI now sits near 12%.

Funding stayed negative everywhere

Perpetual funding rates remain negative across the board: Binance -0.098%, Bybit -0.14%, Bitget -0.049%, Gate -0.126%, MEXC -0.10%. The open-interest-weighted average is -0.089%. Negative funding means shorts pay longs at every funding interval, which stacks pressure on the short side while the price moves up. This matches a pattern seen in recent squeezes: price pumps, OI balloons, and funding refuses to turn positive because new longs keep entering without all crowding into one side.

What this setup means

A 33% gain, OI up 52%, and negative funding together describe a short squeeze still being fed by fresh leverage. That is not a low-risk entry point. If the price stalls near the $2.57 high, the longs added in the last four hours become the fragile group, and a quick flush could unwind that leverage fast. On the other side, negative funding gives longs a small carry, and a clean break of the high would force more shorts to cover. Watch the OI tape in the next few hours: OI falling while price holds means the squeeze is running out of fuel; OI rising with price means the move still has room.

Data as of 02:10 Beijing time on August 29, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.