Gram Open Interest Jumps 7.19% as Bybit Holds 20.93% Share

Gram is trading at $1.672 with $208.7M in open interest, up 7.2% over 24 hours. That leverage expansion is larger than the 2.5% spot gain, while 24-hour liquidations reached $614.0K. The setup is therefore not a simple momentum confirmation: exposure is rising, but the positioning data shows a split between passive account bias and active execution. A separate weekend market watch frames QNT as a leader while Bitcoin again attracts upside attention.

OI growth is concentrated but broadening

Bybit carries the largest visible Gram derivatives position at $43.7M, or 20.9% of tracked open interest, with its exposure up 3.2% over 24 hours and 6.5% over four hours. Binance follows with $33.1M and a 15.8% share, but its OI growth is much faster: 14.2% over 24 hours and 7.3% over four hours. OKX is smaller at $12.3M and 5.9% share, yet its 24-hour increase reached 8.6% and its four-hour increase 8.4%.

The distribution matters. The largest venue is adding exposure at a measured pace, while Binance and OKX are accelerating more sharply. Bitget, with $7.8M and 3.7% share, fell 2.8% over 24 hours even as its four-hour OI rose 7.1%. That reversal suggests the newest leverage is not entering uniformly across venues. A smaller venue, Aster, posted a 28.2% daily increase from a $1.4M base, adding a speculative edge without changing the main concentration picture.

Funding is positive, but the crowd is not aligned

The average funding rate is negative at -0.0356% on the eight-hour measure, even though most listed venue rates are positive. Binance is charging longs 0.0059%, Bybit and Gate are both at 0.0050%, Bitget is at 0.0074%, and OKX is at 0.0013%. The extremes are more revealing: Aster is at 0.0448%, while CoinEx is at -0.7500%. With positions expanding, that spread points to uneven leverage costs rather than a clean market-wide bullish premium.

Account data leans long. Binance shows 70.0% long accounts, OKX 60.0%, Bybit 74.4%, and Gate 58.2%; the aggregate account reading is 65.5% long. However, the active taker split is more conflicted. Binance takers are 72.3% short against 27.7% long, while Gate takers are 66.7% long. This account-versus-execution divergence is the central risk: traders may be holding long exposure, but one major flow sample is actively selling into the move.

Liquidations show a changing pressure profile

The liquidation structure has shifted across the observation windows. In the latest hour, shorts lost $26.8K versus $22.7K for longs. Over four hours, short liquidations were $42.4K and longs $31.1K. That pattern is consistent with upside pressure forcing some short closures while price remains firm.

The longer windows tell a different story. Over 12 hours, long liquidations reached $278.0K versus $44.9K for shorts. Across 24 hours, longs accounted for $426.0K, more than twice the $188.0K in short liquidations. The market has therefore produced recent short squeezes inside a broader period where long leverage was punished. That combination often marks a fragile trend rather than a one-directional breakout.

Verdict: The bullish case remains valid while Gram holds the observed $1.668-$1.672 price zone and open interest stays near or above $208.7M, because rising exposure and short liquidations can still support continuation. The view is invalidated if price breaks below $1.668 while OI fails to expand or begins contracting, especially if Binance's 15.8% share reverses alongside the negative taker signal. Data as of 19:11 Beijing time on Sep 28, covering Binance, OKX, Bybit and other major venues.