ENA OI Tops $409M, MEXC Adds 17% in 4H, Funding Flat
ENA Perp OI Crosses $409M After a Two-Day Pause
ENA perpetual open interest is back in expansion mode. Total OI across major venues rose 10.4% in 24 hours to $409.1M, the first meaningful build since the coin's earlier push above $0.17 stalled earlier this week. The price is holding near $0.176, up about 6.9% on the day, and has already traded a wide band between $0.164 and $0.189.
Binance remains the largest single pool at $105.3M, a 25.7% share, and added 11.6% over 24 hours. Hyperliquid and Bybit sit close behind at roughly $72M each, with Hyperliquid's pool up 12.5% on the day. The expansion is broad, not a one-venue event, which makes the move harder to dismiss as a single exchange's order book quirk.
MEXC Is the 4-Hour Outlier
The more interesting signal is in the short window. MEXC's ENA open interest jumped 17.0% in the last four hours, far outpacing Binance's 3.9% and Hyperliquid's 4.5% over the same stretch. That kind of late rotation usually shows up when smaller venues chase a move that is already running, and it also tends to be the least sticky capital in the pool.
Bybit added 6.1% and Bitget 2.4% in the same four hours, so the flow is not entirely one-directional. But MEXC's share of total ENA OI now sits near 9%, up from a quieter position earlier in the week, and traders there are paying the same 0.005% funding as everyone else.
Funding Stays Flat, So the Rally Is Not Crowded
Funding rates across Binance, OKX, Bybit, Bitget, Hyperliquid and MEXC are all sitting at or near 0.005% per eight hours, with Gate slightly negative at -0.0067%. Open interest is climbing while the cost of holding a long position stays close to zero. That combination usually means leverage is being added without a crowd of late longs paying up for the position, which is a healthier setup than a surge driven by triple-digit funding.
Liquidations tell a similar story. ENA long and short positions have each shed only around $1.2-1.4M over 24 hours, so neither side has been forced out in size. The absence of a big flush on the way up suggests the rally is being driven by new positioning rather than short covering.
What to Watch Next
The price already swung 15% between the 24-hour low and high, so the volatility is real. The key level to watch is the $0.188 area, the top of today's range. If OI keeps building while price breaks through that zone, the move has room to extend. If MEXC's four-hour flow fades and OI rolls over near $0.176, the more likely path is another sideways reset before the next leg.
For traders, the flat funding is the main reason this rally looks more durable than the one that failed last week. Chasing here is one thing; the risk is that late venue rotation like MEXC's often marks the end of a short-term push, so entries near the upper end of today's range carry more downside risk if the breakout fails.
Data as of 04:00 Beijing time on Sep 7, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, MEXC and other major venues.