Ethena OI Surges 39.0% to $773.2M as Short Liquidations Lead

The Ethena derivatives market is flashing a sharp leverage expansion: open interest rose 39.0% in 24 hours to $773.2M, while the token traded at $0.28289 after a 22.2% daily gain. That combination makes ENA an OI-surge hotspot rather than a simple spot rally. The reported market context is that Ethena is extending USDe’s basis strategy toward tokenized equities through a Binance-linked venue.

OI growth is broad, but concentrated

Binance remains the largest tracked venue with $170.0M of ENA OI and a 22.0% share, up 31.1% over 24 hours and 8.7% over four hours. Bybit follows with $145.1M, an 18.8% share, and the strongest large-venue daily expansion at 47.5%. Gate is smaller at $63.8M and 8.3% of the total, but its 72.3% daily and 13.6% four-hour increases show that leverage is accelerating outside the two biggest books. Bitget holds $60.2M, or 7.8%, after a more moderate 24.9% daily increase.

The distribution matters because the surge is not isolated to one exchange. Across the tracked venues, total OI increased 39.0%; however, the fastest growth at Gate and Bybit suggests that the marginal positioning is being added in markets where a rapid unwind could amplify volatility.

Funding is mixed beneath a bullish headline

The funding rate picture is not uniformly overheated. Binance, Bybit, OKX, Gate, Aster, KuCoin and several other venues show 0.005%, while Backpack is at 0.010117% and Paradex at 0.010024%. Bitfinex is the outlier on the positive side at 0.033901%, whereas Bitget is -0.0058%, Bitunix is -0.005%, and Cryptocom is -0.002333%. CoinEx is much more negative at -0.449151%.

That dispersion weakens the case for a single, crowded long trade. The average eight-hour funding rate is -0.015487%, so the aggregate signal remains slightly favorable to shorts despite positive rates at the largest named venues. In practical terms, longs are paying on several major books, but the cross-market average still warns that positioning is fragmented and vulnerable to basis or venue-specific stress.

Liquidations confirm a short squeeze

The liquidation structure is decisively short-heavy. Over 24 hours, total liquidations reached $6.7M, including $5.6M from shorts and $1.1M from longs. In the latest one-hour window, shorts accounted for $449.1K versus only $1.9K of long liquidations. The four-hour window tells the same story, with $739.1K in short liquidations against $104.5K in longs.

The largest recorded forced exit was a Binance ENAUSDT short worth $379.2K at $0.25083. Other large short liquidations occurred at $0.26586 for $159.6K, $0.27401 for $146.4K, and $0.26331 for $138.4K; Bybit also recorded a $112.4K short liquidation at $0.27656. These levels show that the rally has already climbed through several short-risk zones, helping explain the acceleration in OI and price.

Account longs meet cautious takers

Account positioning is bullish across the main reported venues: Binance accounts are 61.9% long, Bybit 63.2%, Bitget 62.9%, and Gate 55.3%. Yet active taker flow is less one-sided. Binance takers are 51.9% long, almost balanced, while OKX is 49.9% long and 50.1% short. Gate takers are outright short-heavy at 30.8% long versus 69.2% short.

This account-versus-taker split is important. Existing traders are leaning long, but aggressive orders are not confirming a clean chase. The 57.7% overall account-long reading and 60.7% taker-long reading still support upside momentum, though the venue-level divergence leaves room for fast reversals.

Verdict: ENA retains a squeeze-positive bias while price holds above $0.27401 and OI remains near or above $773.2M; a push through the current $0.28289 area with expanding OI would favor continuation. The view is invalidated if price breaks below $0.27401 while OI retreats materially from $773.2M, especially if short liquidations fade and long liquidations accelerate. Data as of 19:05 Beijing time on Sep 26, covering Binance, OKX, Bybit and other major venues.