FIL -5% Pullback: Longs Paid 93% of Liquidations, OI -3.5%

FIL slid 5% while longs absorbed the selling

FIL fell about 5% in the past 24 hours to $0.730 on Binance, with OKX trading at $0.7302 and showing the same -5.0% move. The pullback took the token off its 24-hour high of $0.772 and handed back part of the August recovery that had carried Filecoin above $0.74. Turnover stayed healthy at around $72.6 million on Binance alone, so the decline happened on real volume, not thin books.

The notable part is who paid. Of the roughly $710,000 in FIL futures liquidations over 24 hours, about 93% were long positions, and the total order count was just 162 across major venues. For a 5% daily drop, that is a quiet outcome and points to an orderly unwind rather than a forced cascade.

A 5% move with only $710K in forced exits

FIL's liquidation total looks small next to its $88.8 million open interest. A 5% daily loss on that base would normally produce several million in forced liquidations if leverage were stretched. Instead, positions came down gradually: open interest is off 3.5% in 24 hours, and the reduction is spread across venues rather than driven by one large liquidation event.

Binance, which holds 40% of FIL open interest, cut its book 4.7%. OKX trimmed 6.3%, and Bitget reduced the most in percentage terms at 11.5%. Two venues went the other way: Bybit added 1.1% and Hyperliquid grew 9.6%, though both are small relative to Binance's share.

Funding splits as Binance keeps a positive rate

Funding rates are sending a mixed signal. Binance still charges +0.01% per eight hours, so longs keep paying a small premium on the largest venue. OKX has flipped to -0.0014% and Bitget to -0.0075%, while Bybit sits at +0.006%. Negative funding on two mid-size venues points to fresh short demand or long exits there, even as the dominant venue holds positive.

For traders this is a mid-reset setup. Price is down, leverage is leaving the book, but the selling was controlled. If Binance funding turns negative as well, shorts are taking over the narrative. If FIL reclaims $0.75 with open interest rebuilding, the flush is probably done.

What to watch: support at $0.72 and the venue split

Two things separate a healthy reset from a deeper slide. First, whether FIL holds the $0.72 support band near its 24-hour low of $0.7236. Second, whether Bybit and Hyperliquid keep adding contracts while Binance and OKX cut. That divergence usually resolves within a day or two, and the direction of that resolution is the next signal for anyone holding FIL positions.

Data as of 23:25 Beijing time, covering Binance, OKX, Bybit, Bitget, Hyperliquid, Gate and other major venues.