Monero OI Reaches $270.3M as Binance Holds 19.4% and Bybit 15.1%

Monero is showing a split derivatives picture at $558.39: aggregate open interest is $270.3M, up 1.0% over 24 hours but down 0.6% in the latest hour. The combination points to a market still carrying fresh leverage, although the immediate impulse has softened. A contemporaneous review also discusses a venue offering anonymous swaps without identity checks, but that context does not change the positioning evidence in the derivatives tape.

Binance leads, Bybit contracts

Reported open interest is concentrated first at Binance, where $52.5M represents 19.4% of the tracked total. Its OI rose 1.0% over 24 hours and was unchanged across the latest four-hour window. Bybit follows with $40.7M, or 15.1% of the total, but its structure is less supportive: OI fell 1.1% over 24 hours and 3.8% over four hours.

The next meaningful reported venue is Bitget at $7.9M, a 2.9% share, with OI up 3.1% over 24 hours and 0.6% over four hours. Gate is much smaller at $1.4M and 0.5%, while its 24-hour OI declined 5.8%. This creates a useful contrast: the largest venue is stable-to-positive, the second-largest is actively reducing exposure, and Bitget is adding fastest from a smaller base. The broad 1.0% rise in total OI therefore looks more like uneven leverage rotation than a synchronized expansion.

Funding is mostly positive, but not uniform

Funding is positive across most major venues, though the scale differs sharply. Binance, Bybit, Bitget, Gate and several other exchanges are at 0.0% when rounded to one decimal, while dYdX is at 0.0% as well but carries a higher underlying reading of 0.014031%. CoinEx is the outlier at 0.3%, whereas Kraken is negative at -0.0%. The aggregate eight-hour funding average is 0.03% before rounding.

This distribution says longs are paying in most of the market, but it does not yet show a broad funding extreme. CoinEx's premium is notable because it is far above the other reported readings, while the negative Kraken rate shows that positioning is not homogeneous. For OI analysis, that matters: leverage is building without every venue expressing the same directional conviction.

Flow leans long while accounts stay divided

The long-short data adds a second layer of divergence. Across the ticker snapshot, 58.0% of accounts are long, while active takers are 70.5% long. That gap suggests aggressive transactions are more bullish than the average account. Yet the available Binance account breakdown is defensive, with 46.5% long and 53.5% short. In other words, active buying pressure is running into a more cautious wallet base.

Liquidations reinforce the possibility of a recent squeeze dynamic. Over 24 hours, long liquidations reached $53,650.91 versus $27,164.89 for shorts, for a total of $80,815.80. The shorter windows are different: over 12 hours, short liquidations were $23,874.27 against $6,379.19 for longs, while the latest four hours recorded $4,903.40 in long liquidations and $3,085.45 in short liquidations. The largest listed event was a $26,377.21 Binance long liquidation at $540.96, making that price an important stress marker.

Verdict: The structure is cautiously constructive above $540.96: $270.3M of OI, positive aggregate funding and 70.5% long taker flow favor a rebound attempt, but Bybit's 3.8% four-hour OI drop and Binance's 53.5% short account share argue against calling it a clean trend. A move back above $558.39 with OI holding near or above $270.3M would strengthen the long-side case; a break below $540.96 accompanied by OI slipping below $270.3M would invalidate it. Data as of 18:05 Beijing time on Sep 27, covering Binance, OKX, Bybit and other major venues.