LIGHT +22% Against Red Tape: OKX OI +138%, Funding Heats Up
LIGHT climbs while majors sink
LIGHT is trading at $0.222 as of the latest snapshot, up 21.9% on Binance and 22.3% on OKX over the past 24 hours. That move stands out because the broad market is bleeding: BTC is down about 3.2% near $77,900 after touching $81,800 earlier, and most large caps are in the red. LIGHT is one of the few tokens printing gains, and the derivatives data shows this rally is being driven by new leverage rather than a short squeeze.
Open interest jumps 51%, OKX leads the charge
Total open interest for LIGHT sits at $23.3 million, up 51.2% in 24 hours. The surge is concentrated in a few venues. OKX has been the standout, with its OI climbing 138% to roughly $2.56 million, while Binance added 47.4% to $6.32 million and Bybit rose 73.3% to $3.65 million. Kucoin holds the largest single share at $6.01 million, up 29.3%. A 4-hour read shows OI pulling back slightly at most exchanges, which suggests some profit-taking after the initial push rather than a full unwind.
Funding flips positive, a real change in positioning
LIGHT funding rates turned positive across the board. The average sits near 0.029%, with Binance at 0.0293% and Bybit at 0.0629%. That matters because earlier rallies in this token were accompanied by negative funding, meaning shorts were paying longs. Now longs are the ones paying, which points to fresh directional bets coming in at current levels instead of a squeeze on old shorts.
What to watch next
The key question is whether LIGHT can hold above the $0.22 area. The 24-hour range is wide, $0.180 to $0.247, and the token has already pulled back from the highs. If OKX OI keeps expanding while price holds, the move has room; if 4-hour OI keeps shrinking into the weekend, expect a fade back toward $0.20. For traders, the funding flip to positive means crowded longs could get punished on a stop run, so position sizing matters more than direction here.
Data as of Beijing time 01:50 on August 29, covering Binance, OKX, Bybit, Gate, Hyperliquid, Bitget and other major exchanges.