Lido DAO Funding Turns Negative as $78.7M OI Shrinks 0.4%
Lido DAO is showing a sharp derivatives split: average funding is negative at -0.005568%, open interest is $78.7M, and 24-hour liquidations total $41.2K. Open interest has slipped 0.4% over the day, while the token price is $0.4279 after a 1.8% decline. A separate market note describes flat momentum at a pivot while derivatives positioning pulls in opposite directions, which matches the data tension here.
Negative funding is broad, but uneven
The funding rate picture is not uniformly bearish across venues, but the negative average is an important hotspot signal. Coinbase shows -0.1282% and CoinEx -0.121215%, far below the positive readings on most other exchanges. Bybit, Bitget, OKX, KuCoin and WhiteBIT each print 0.01%, while Binance is at 0.005141%, Kraken at 0.005746%, and Gate at 0.002%.
This dispersion matters because a negative aggregate can coexist with positive carry on the largest listed venues. The strongest positive readings are therefore not confirming a clean one-way short trade; instead, they show that funding pressure is concentrated in particular markets. If negative funding persists while the positive rates on Binance, Bybit and OKX fade, the bearish positioning signal would become more synchronized.
Open interest is concentrated and falling
The open interest distribution shows three meaningful pockets. Bybit holds 19.53% with $15.3M, Binance has 19.32% with $15.2M, and Gate accounts for 14.59% with $11.5M. OKX contributes 4.85% and $3.8M, while Bitget has 4.13% and $3.2M. The concentration across Bybit, Binance and Gate means their changes are more informative than the small venues for judging whether leverage is being rebuilt.
All three major pockets are contracting: Bybit is down 1.9% over 24 hours, Binance is down 1.7%, and Gate is down 0.9%. Their four-hour changes are also negative at 1.3%, 0.7% and 1.2%, respectively. That combination—negative funding alongside falling open interest—leans more toward position reduction than aggressive new short creation. The one-hour open-interest change is only 0.1% higher, so there is no strong immediate expansion signal.
Liquidations and positioning disagree
The liquidation structure is heavily skewed toward longs. Over 12 hours, long liquidations reach $38.8K against just $89.1 in shorts, for $38.9K across 21 events. Over 24 hours, long liquidations rise to $39.8K versus $1.4K for shorts, producing $41.2K across 28 events. No liquidations are recorded in the one-hour or four-hour windows. The forced-flow evidence therefore points to long-side stress, but the absence of recent short liquidations also says the move has not yet produced a broad squeeze against bearish positions.
The positioning split reinforces that caution. The dashboard shows 60.1% of accounts long, yet active takers are only 46.2% long, implying that current aggressive flow is more short-heavy than the account headline. Binance’s reported account split is nearly balanced at 49.2% long and 50.8% short. This account-versus-taker divergence is more bearish than the account majority alone suggests, but it still lacks a fresh liquidation wave to confirm acceleration.
Verdict: The near-term bias remains negative while LDO trades around $0.4279, funding stays below zero, and open interest remains below the $78.7M area after a 0.4% daily contraction. The view would be invalidated if price reclaims $0.428 while open interest rises above $78.7M, especially if the current active-taker short bias reverses. Data as of 21:05 Beijing time on Oct 11, covering Binance, OKX, Bybit and other major venues.