HBAR Derivatives Diverge: 71.6% Long Accounts Meet $221.0M OI

The derivatives map for Hedera (HBAR) is sending two different signals at once. Aggregated open interest stands at $221.0M, down 0.8% over 24 hours, while 71.6% of tracked accounts are long. Yet the overall taker split is only 42.0% long, and HBAR is priced at $0.10119. The result is a crowded-account setup without equally strong evidence from aggressive buyers.

Separate coverage has framed HBAR as a bullish setup facing resistance, while another report discussed an XRP regional initiative.

Open interest is rotating, not expanding

Binance carries the largest reported share at $43.1M, or 19.5% of the total, with open interest up 1.4% over 24 hours. That is a notable contrast with Bybit, where $30.8M represents 13.9% and open interest has fallen 6.2%. Gate holds $28.8M, or 13.0%, after a 0.6% daily decline, while Bitget contributes $21.6M, or 9.8%, after a 0.6% drop.

OKX is smaller at $10.3M and 4.6%, but its open interest increased 3.4% over the same period. The top venues therefore do not confirm one unified buildup: Binance and OKX are adding exposure, while Bybit, Gate and Bitget are shedding it. The broader signal is positioning divergence rather than clean leverage-led upside.

Funding stays positive across the crowded side

Current funding rates are positive on several of the largest venues. Bybit, Bitget, Gate and Aster each show 0.01%, while Binance is at 0.0071% and Bitget is also listed at 0.01%. OKX is not included in the current funding-rate snapshot, but the available exchange spread still matters: Backpack is at 0.00125%, whereas Bitfinex is negative at -0.005836% and KuCoin is negative at -0.0051%.

This is not a universal bullish confirmation. Positive funding suggests longs are paying to maintain exposure on several venues, but the negative readings elsewhere show that the carry trade is fragmented. With the ticker’s average funding rate at 0.0066% and aggregate open interest below its daily starting point, the market is paying for long bias while leverage is being redistributed between exchanges.

Account optimism meets defensive execution

The account-level long/short ratio is highest on Bybit: 79.0% long versus 21.0% short, a 3.8 ratio. OKX shows 66.9% long and a 2.0 ratio, while Gate has 66.1% long and a 1.9 ratio. Binance is the least stretched of these four, but still records 60.7% long and a 1.5 ratio.

Active execution tells a different story. Binance takers are 55.4% long, but Gate takers are only 33.3% long against 66.7% short. Across the available taker data, the aggregate long share is 42.0%, well below the 71.6% account figure. That gap implies many traders are positioned long, while recent market orders are more defensive or outright short.

The liquidation windows reinforce that asymmetry. Long liquidations reached $7.7K in the last hour and $11.5K over four hours, with no short liquidations in either window. Over 12 hours, longs accounted for $34.0K versus $2.0K for shorts. The full 24-hour picture is more balanced, with $41.6K in long liquidations and $43.5K in short liquidations. A notable short liquidation occurred at $0.10240, while a long liquidation printed at $0.10066, defining the immediate leverage-sensitive range.

Verdict

HBAR’s near-term setup is a positioning divergence, not a confirmed trend reversal: account longs are crowded, taker flow is weaker, and open interest is slipping despite positive funding. The key levels are $0.10066 below and $0.10240 above, against aggregate open interest of $221.0M. The bearish-fragility view would be invalidated if price holds above $0.10240 while open interest expands from $221.0M and Binance taker longs recover beyond 55.4%.

Data as of 20:11 Beijing time on Oct 4, covering Binance, OKX, Bybit and other major venues.