HBAR Derivatives Split: $195.2M OI and 70.5% Long Accounts
Hedera derivatives are showing a clear split between stated positioning and active risk reduction. HBAR is trading at $0.09232 after a 8.5% decline, while total open interest sits near $195.2M, down 8.6% over twenty-four hours. At the same time, 70.5% of tracked accounts are long, but long accounts do not translate into aggressive new exposure when exchange OI and liquidation data point toward continued deleveraging.
OI is concentrated, but shrinking unevenly
Binance carries the largest reported HBAR OI share at $39.2M, or 20.1% of the tracked total, yet its OI has dropped 7.4% over twenty-four hours and another 2.2% over four hours. Bybit holds $29.6M, equivalent to 15.2%, with a smaller twenty-four-hour decline of 5.0% and a 0.5% increase over four hours. That short-term increase is notable because it contrasts with the broader contraction.
Gate follows with $26.7M and 13.7% of OI, down 5.5% over twenty-four hours, while Bitget has $19.0M and 9.7%, down 11.7%. OKX is smaller at $8.8M and 4.5%, but its 14.8% daily contraction is the sharpest among the larger reported venues. The divergence suggests that the headline OI decline is not being distributed evenly: Bybit is adding some near-term exposure while other major venues continue to shed it.
Funding stays positive despite the unwind
The funding rate structure adds another layer to the positioning split. Binance, Bybit, Bitget and Gate are positive at 0.01%, 0.01%, 0.01% and 0.01%, respectively. Coinbase is much higher at 0.0442%, while Cryptocom is at 0.005322% and Kraken at 0.001322%. In contrast, Bitfinex is negative at -0.0139%, CoinEx is negative at -0.002094%, and EdgeX is negative at -0.005%.
Most listed venues therefore still charge longs rather than shorts, even as aggregate OI declines. That combination can mean long exposure is being reduced through forced exits or position closures without fully reversing the account-level bias. The positive funding is not broad proof of fresh bullish conviction; it is better read as residual long-side crowding in a market that is losing leverage.
Liquidations confirm the long-side pressure
The liquidation profile is heavily one-sided. Over twenty-four hours, long liquidations reached $963.7K, compared with only $1.1K in short liquidations, for a $964.8K total. The same pattern appears over twelve hours, where longs account for $268.7K against $880.9 in shorts, and over four hours, with $179.9K in long liquidations versus $717.5 in shorts. The latest one-hour window contains $34.1K of long liquidations and no short liquidations.
This liquidation imbalance aligns with the account-versus-taker divergence. The account snapshot shows 70.5% long, but the active taker reading is only 52.1% long. In other words, accounts remain structurally long while current market orders are much closer to balanced. That gap is consistent with long holders being trapped or reluctant to add, rather than with a clean, synchronized bullish build.
Verdict: HBAR’s key reference points are the current $0.09232 price and $195.2M total OI. The setup remains positioning-negative while long liquidations dominate and OI contracts, even though funding is mostly positive. This view would be invalidated if HBAR moves back above $0.09232 while total OI expands above $195.2M and active taker positioning rises beyond the current 52.1% long reading. Data as of 23:05 Beijing time on Oct 7, covering Binance, OKX, Bybit and other major venues.