FET +7.6% to $0.165: OI Hits $78M, Funding Flat
FET is trading at $0.165, up 7.6% in 24 hours, and the move looks different from the meme-driven squeezes that dominated the tape this week. Open interest grew 11.5% to $78 million while funding rates stayed near zero on the major venues, a combination that points to position building rather than crowded leverage.
FET Price Action and Verified Levels
The 24-hour range ran from $0.1511 to $0.1696, with most of the gain logged in the first half of the day. Spot volume reached $84.9 million across 18 exchanges. Binance shows FET at $0.165 with a 7.6% gain, and OKX prints $0.1648 with a matching 24-hour band of $0.1523 to $0.169, so the two reference venues agree on both price and range. FET spent most of the past two weeks below $0.16, and today's close above that level is the first real breakout attempt since late August.
Where the OI Growth Came From
Open interest at $78 million is split across several venues rather than concentrated in one. Binance holds the largest share at 30.9% and added 10.7% in 24 hours. MEXC grew the fastest among the top venues, up 15.5% to a 21.2% share. Hyperliquid added 14.7% and Bitget 9.2%, while KuCoin chipped in 8.2%. No single exchange dominates the build, which suggests the new positions are spread across different trader bases instead of one crowded book.
Flat Funding Changes the Read
Funding on Binance, OKX, Bitget and Gate sits at 0.01%, and Hyperliquid prints 0.0012%. When a coin rallies with funding this cold, the move is not being financed by shorts paying longs to stay. That pattern differs from the ZEC and DASH squeezes this week, where negative funding flipped and shorts were forced to cover. FET's advance looks more like fresh spot and perp demand entering without a leveraged chase, which is healthier but also means there is no short-covering fuel left to extend it.
What to Watch Next
The one caution flag is intraday: 4-hour OI is down 3.8% on Binance and 5.4% on KuCoin, so the build cooled after the initial push. FET also does not appear on the liquidation leaderboard, meaning neither side has been forced out in size. The level to track is $0.17. A break above it with OI resuming its climb would confirm the next leg; a fade back under $0.155 with OI bleeding would suggest the rally ran on momentum alone. Funding flipping positive in a meaningful way would be the signal that leverage is finally joining in.
Data as of 23:15 Beijing time on September 5, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, MEXC, KuCoin and other major exchanges.