HBAR Positioning Diverges as 70.1% Accounts Stay Long, OI Hits $188.7M
Hedera derivatives are showing a clear positioning divergence: HBAR trades at $0.0919 with $188.7M in open interest, while 70.1% of tracked accounts are long but only 52.1% of active taker flow is long. That gap matters because it suggests a large passive long bias without equally strong aggressive buying. The token is down 0.8%, and futures volume has fallen 27.4% over the past day, making the positioning imbalance more important than the headline price move.
Market commentary is also describing HBAR as compressed near $0.09, with momentum indicators offering a mixed rather than decisive signal.
Open interest is concentrated, but growth is uneven
Binance holds the largest reported HBAR open-interest share at 20.4%, equivalent to $38.4M, and its OI is up 2.0% over the past day. Bybit follows with 14.9% and $28.1M, adding 0.5%, while Gate accounts for 13.1% and $24.8M after a 1.1% decline. Bitget contributes 10.3%, or $19.4M, with OI down 2.0% on the same period.
The most notable relative expansion is at OKX: its $8.2M position base represents 4.4% of reported OI, yet it has grown 10.0% over the past day and 6.7% over the shorter window. This is a positioning split across venues rather than a broad, synchronized build. Total OI is up only 0.6%, so the market is accumulating exposure selectively while some larger books are trimming.
Funding confirms a venue-level split
Funding does not point to one uniform crowd. Binance charges longs 0.0075%, while Bitget is at 0.0100% and Gate at 0.0051%. By contrast, Bybit is negative at -0.0039%, CoinEx is -0.0021%, and Backpack is -0.0051%. The widest positive reading is Coinbase at 0.0442%, although its reported venue rate is not enough on its own to define the broader market.
HBAR’s average funding rate is 0.0071% for the eight-hour period, so the aggregate signal remains mildly long-biased. However, the negative readings on several venues show that traders are not paying for long exposure everywhere. This strengthens the case for a positioning divergence: long carry is concentrated in selected books, while other venues are pricing more defensive or short-leaning exposure.
Liquidations expose the downside asymmetry
Liquidation data is heavily tilted against longs. Over the past day, total liquidations reached $86.5K, including $82.1K from long positions and $4.5K from shorts. In the shorter reported window, $71.9K of long positions were closed against only $1.1K of shorts, with 25 liquidation events. There were no recorded liquidations in the one-hour or four-hour windows.
The largest single event was a Binance HBARUSDT long liquidation at $0.0903 worth $59.2K. That level is the clearest nearby stress marker: a return toward it could test whether the crowded account-side long bias is becoming forced selling. Yet the absence of recent short liquidations also means there is no evidence of a developing upside squeeze at present.
Verdict: HBAR’s key setup is a fragile long bias, not a confirmed directional breakout. The immediate reference points are $0.0903 on price and $188.7M on open interest: a break back toward $0.0903 while OI remains elevated would favor further long unwinding, whereas a move above $0.0919 with OI expanding beyond $188.7M would invalidate the downside positioning view by showing fresh demand absorbing the crowded exposure. Data as of 17:05 Beijing time on Oct 11, covering Binance, OKX, Bybit and other major venues.