HBAR Derivatives: $215.6M OI Meets 71.9% Long Accounts Split

Hedera derivatives are showing a clear positioning divergence: HBAR trades at $0.1040 after a 2.5% decline, while total open interest has dropped 18.1% in 24 hours to $215.6M. At the same time, 71.9% of tracked accounts remain long, suggesting that exposure is being removed faster than bullish conviction is being reduced. Recent market coverage has focused on HBAR’s sharp advance and the importance of the $0.10 area, but the derivatives tape now points to a more crowded and fragile long side.

OI drains at the leaders

The open-interest breakdown shows contraction across most major venues. Binance carries $47.9M, or 22.2% of total OI, after an 11.2% 24-hour decline. Bybit is close behind with $43.1M and a 20.0% share, while its OI fell 5.5%. Bitget holds $21.7M, or 10.1%, after a 7.7% drop. OKX is smaller at $10.1M and 4.7%, with OI down 5.0%.

This makes the leadership structure important. Binance and Bybit together account for 42.2% of open interest, yet both are shedding exposure. The exception is Gate, where OI rose 182.5% to $13.8M, lifting its share to 6.4%; its four-hour change was also positive at 8.5%. That is a meaningful venue-level divergence, but Gate’s increase is not large enough to offset the reduction at the two largest books. The aggregate four-hour changes reinforce that imbalance: Binance fell 2.3%, Bybit 5.1%, Bitget 3.1%, and OKX 3.7%.

Funding is positive, but uneven

Funding remains positive across the principal books, consistent with a long bias, but the level differs substantially by venue. Binance is charging 0.007057%, Bitget 0.010000%, Bybit 0.003848%, and Gate 0.005900%. Aster and KuCoin are also at 0.010000%, while Coinbase is the outlier at 0.044200%. Negative prints appear on Backpack at -0.008607%, CoinEx at -0.002094%, and Kraken at -0.000612%.

The broad message is not that every venue is aggressively long. Instead, the positive average funding rate of 0.005765% is being carried by a fragmented market: several high-volume venues are mildly positive, while a few smaller or differently positioned books are negative. That combination can sustain a long-account majority without producing uniform leverage across the market.

Accounts lean long while takers sell

The account data provides the strongest divergence signal. Binance accounts are 64.2% long, OKX accounts 65.9% long, Bybit accounts 78.9% long, and Gate accounts 65.5% long. Bybit is the most crowded, with a 3.7304 long-to-short ratio. Yet Binance takers are only 34.9% long against 65.1% short, producing a 0.5365 ratio. In other words, the average account is positioned long, while active Binance flow is selling into the market.

Gate is different: its taker flow is 63.7% long versus 36.3% short, matching its rising OI. This explains why Gate is a useful counter-signal, but the larger Binance book is showing the opposite behavior. Across the market, the positioning split is therefore between passive long inventory and more defensive active execution.

Liquidations favor the downside

Liquidation data confirms that long exposure has been under pressure. Over 24 hours, long liquidations reached $616.9K compared with $153.1K for shorts, out of $770.0K total. The imbalance was sharper over twelve hours, with $262.4K in long liquidations versus $24.8K in shorts. Over four hours, longs lost $131.5K while shorts lost only $4.0K. The largest recorded event was a Binance HBARUSDT long liquidation worth $46.5K at $0.10223.

The exclusive read is a deleveraging market with crowded long accounts, not a clean bearish reversal: the key downside price is $0.1022, while $215.6M is the current OI pivot. A break below $0.1022 with OI continuing to fall would confirm long-side exhaustion; a move back above $0.1040 while OI rebuilds above $215.6M would invalidate that fragile-positioning view and signal renewed risk-taking. Data as of 19:10 Beijing time on Oct 1, covering Binance, OKX, Bybit and other major venues.