HOOD +4.9% to $109: OI Jumps 21.8% as Fresh Longs Return

HOOD perp climbs while crypto majors slide

HOOD, the perpetual tied to Robinhood's stock, is trading at $109.01 on Binance with a 24-hour gain of 4.9%, and OKX shows $109.06 with +4.86% over the same window. The two venues agree closely, with the 24-hour range sitting between $110.01 and $101.19. That means the perp has bounced roughly 7.7% off its session low, a move that stands out on a day when BTC, ETH and most altcoins are flat to lower.

The rebound did not come on thin volume. Spot and perp turnover for HOOD across tracked venues is around $115 million over 24 hours, with Binance carrying the largest single share. For a stock-linked instrument, that is a liquid tape, not an illiquid spike that can be pushed around by one order.

Open interest jumps 21.8% to $19.1 million

Open interest across the nine venues tracking HOOD perps rose to $19.06 million, up 21.8% in 24 hours. Bitget leads with $5.05 million, or 26.5% of total OI, and added 31.2% on the day. Bybit follows at $4.2 million with a 23.7% increase, while OKX holds $2.45 million after adding about 10%.

The interesting outlier is Lighter, a smaller venue, where HOOD OI jumped 42.3% in 24 hours and another 41.9% in the last four hours. Small venues moving that fast usually mean one or two sizable accounts are building or rolling positions, so the flow there is worth watching even if it does not move the aggregate much.

Funding is positive but mixed across venues

Funding rates show leverage tilting long, but not uniformly. Binance pays 0.0128% per 8-hour interval, Bybit 0.0434%, and Bitget 0.0254%, so holding a long costs money at all three majors. Whitebit is the exception, sitting at -0.0218%, meaning shorts there are paying. Lighter's 1-hour funding reads 0.0576%, a level that only appears when one side is crowded.

That mix points to fresh long entry rather than a short squeeze. A squeeze would show funding flipping violently positive across every venue at once; here the move higher came with new open interest added on Bitget and Bybit, which is consistent with directional buyers opening positions after the stock bottomed near $101.

What to watch next

The key level is $110. HOOD tagged $110.01 in the last 24 hours and failed to hold above it, so that zone is the immediate resistance. A break with open interest still rising would confirm the longs are committed; a fade on declining OI would mean the bounce was mostly position squaring. On the downside, $101.19 is the line that held, and a retest there with funding still positive would tell you the leveraged crowd has not given up.

Data as of 07:46 Beijing time, covering Binance, OKX, Bybit, Bitget, Gate, Hyperliquid and other major venues.