INJ -1.5%: OI Sheds 8.3%, MEXC Cuts 31.8%, HL Adds 22%

INJ Quietly Loses $6.7M in Open Interest

INJ traded near $4.87 on Tuesday, down about 1.5% over 24 hours, a modest move for a coin that has swung between $5.01 and $4.73 in the same window. The price action looks tame, but the derivatives book tells a busier story: total open interest dropped 8.3% to roughly $74.1M, wiping out about $6.7M of notional positioning in one day.

The selloff in exposure was not spread evenly. One venue accounted for most of the outflow. MEXC cut its INJ open interest by 31.8%, taking its share of the book down to about 17.5%. Kucoin and Bybit also trimmed, down 4.3% and 4.7% respectively, while Binance, the largest single venue at 23% of total OI, slipped 2.5%. The reduction is broad, but it is concentrated at the mid-tier exchanges.

Hyperliquid and OKX Add While Others Exit

Against that backdrop, two venues went the other way. Hyperliquid raised its INJ open interest by 22.1% over the same 24 hours, and OKX added 9.1%. Gate and Bitget posted smaller gains near 4% and 1.3%. The pattern suggests rotation rather than a wholesale exit from the token: leverage is leaving the exchanges where it was built up earlier, and a smaller but active group of traders is rebuilding positions elsewhere.

Hyperliquid's build is notable because it came with no liquidation cascade behind it. The largest single liquidation print on INJ in the recent window was small, and the coin did not appear among the top liquidation venues. That makes the OI shift look like deliberate position management, not forced unwinds.

Funding Rates Split: Negative at Binance, Positive at OKX

Funding tells the same divided story. Binance is paying -0.0106% per 8 hours, Bitget -0.0152%, and Hyperliquid and Gate are slightly negative too. Shorts are paying longs on those books. OKX, by contrast, sits at +0.01%, with Bybit at +0.005% and MEXC at +0.0075%. The sign flip at Binance, the deepest venue, points to fading long demand after the earlier rally to $5.38, while the positive rates elsewhere suggest some traders still expect a bounce.

What to Watch in INJ Positioning

For traders, the key tell is whether the divergence closes. If OKX and Hyperliquid keep adding while MEXC's exit was a one-off rebalancing, the OI base can stabilize around current levels. If the negative funding at Binance deepens, longs are more likely to keep deleveraging. INJ has now given back the gains from its August 24 rebound, and the funding split means the next directional move is not yet agreed by the market. Watching MEXC's OI for a reversal of the 31.8% cut is the fastest way to see if this rotation is finishing.

数据截至北京时间2026年9月2日13:20，覆盖币安/OKX/Bybit/MEXC/Kucoin/Hyperliquid/Gate/Bitget等主要交易所。