HEMI +34% to $0.0099: OI Jumps 54.7%, Funding Stays Flat

HEMI Perps Add $25.1M in Open Interest

HEMI traded at $0.0099 on Friday morning Asia time, up 33.7% over 24 hours. Binance put the session range at $0.007365 to $0.010398, and Bybit and KuCoin printed matching numbers. Futures open interest across eight venues climbed 54.7% to $25.1 million, so this move came with real new positioning, not just a thin order book drifting higher.

Where the New Longs Went

Binance carries $14.76 million of HEMI open interest, about 58.8% of the market, and that book grew 46.3% in a day. KuCoin was the fastest grower with a 149.6% jump to $3.28 million. Bybit added 50.4% to $3.75 million, and Hyperliquid edged up 26.2% to $1.31 million. MEXC rounded out the list with a 98.1% gain to $0.97 million. The distribution stands out: most rallies on smaller tokens concentrate growth on one venue, but this build is spread across four exchanges, which points to broad demand rather than a single market maker pushing the tape.

Funding Near Zero: No Squeeze, Fresh Buyers

Funding rates sit at 0.005% per eight-hour interval on Binance, Bybit, Gate and KuCoin. That is close to neutral, and the volume-weighted average across venues is 0.0048%. Compare that with the typical meme-coin squeeze, where funding turns sharply negative while shorts get run over. HEMI liquidations are barely visible in the 24-hour figures, which means the rally was not paid for by forced short covering. The longs came in voluntarily, and flat funding suggests the crowd has not turned euphoric yet.

What to Watch Next

HEMI is the native token of Hemi, a Bitcoin programmability layer whose perp listed on Binance Futures in late August 2025 with up to 50x leverage. Two things matter now. First, Binance controls 58.8% of open interest, so its funding cycle and position limits set the tone for the whole market. Second, funding has held at 0.005% while price ran 33.7%: if the next settlement prints a spike, late longs start paying for the move. A quiet confirmation would be price holding above $0.0095 while open interest keeps climbing. A warning sign would be funding jumping above 0.05% within the next two settlements, which would mean the rally is now leverage-driven and vulnerable to a fast unwind.

Data as of 04:28 Beijing time, covering Binance, Bybit, KuCoin, Gate, Hyperliquid, MEXC and other major venues.