Morpho OI Purge: $47.9M Open Interest Slides 1.07% in 24 Hours
Morpho derivatives are showing a controlled but meaningful leverage unwind: total open interest is $47.9M, down 1.1% over 24 hours and 1.0% over the latest hour. The price is $2.5082, while trading volume has fallen 18.5% over 24 hours, making the decline look more like exposure being removed than a fresh wave of aggressive participation. The news backdrop is that Ledger has added Bitcoin-backed borrowing through Morpho to its wallet application, bringing a lending-use case into the broader market conversation.
Binance leads, but the broader stack is thinning
Binance holds the largest visible OI share at $15.3M, or 31.9% of the tracked total. Its 24-hour OI change is slightly positive at 0.3%, yet its four-hour change is negative at 0.7%, suggesting that the largest venue has started to shed near-term exposure even while retaining a stable daily base.
The more decisive pressure sits elsewhere. Hyperliquid carries $7.7M, equal to 16.1% of OI, and has declined 6.1% over 24 hours and 3.1% over four hours. Bybit holds $7.2M, or 15.1%, after a 2.7% daily drop, although its four-hour OI change is positive at 1.8%. OKX is smaller at $3.2M and 6.7% of OI, but its daily and four-hour contractions reach 3.0% and 1.2%. This split matters: the purge is not uniform, but the largest non-Binance venues are carrying the heaviest reduction pressure.
Funding is positive, but the venue map is uneven
The average funding rate is 0.0093% on the stated interval, which still charges longs rather than signaling broad short-side dominance in the traditional carry measure. Binance, Bybit, Bitget and several other venues show +0.005%, while Hyperliquid is lower at +0.0013% and Cryptocom is +0.0027%. That positive cluster is counterbalanced by negative funding on Aster at -0.0075% and Gate at -0.0065%. Coinbase is an outlier at +0.1174%, while Kraken is negative at -0.0075%.
The result is a fragmented carry signal. Longs still pay on the largest mainstream cluster, but the negative readings on some venues indicate that positioning is not synchronized. With OI falling overall, positive funding is more consistent with residual long exposure being charged during an unwind than with a strong new leverage build.
Liquidations are overwhelmingly long, while takers sell
The liquidation tape is quiet in absolute terms but highly one-sided. The latest hour, four-hour window and 12-hour window each show no reported liquidations. Across 24 hours, total liquidations reach $52.4K, of which $52.4K is long liquidations and just $5.97 is short liquidations across 25 events. That structure points to long positions absorbing the realized stress, even though the total amount is too small to describe a full capitulation event.
Positioning adds a sharper warning. The account-level long/short ratio is nearly balanced at 50.6% long, while Binance accounts are more long at 53.2%. Active takers are different: only 34.9% are long, implying that 65.1% of taker flow is short. In other words, passive account positioning has not fully turned bearish, but active execution is already leaning against longs. That divergence supports the OI-purge interpretation: traders are reducing or selling exposure before a decisive directional break, rather than building a clean short squeeze setup.
Verdict: The exclusive read is a bearish-to-neutral leverage reset while price remains near $2.5082 and OI sits around $47.9M. A move back above $2.5082 accompanied by OI rebuilding above $47.9M would invalidate the purge view; without that combination, the negative OI trend and 34.9% taker-long reading leave downside pressure dominant. Data as of 19:05 Beijing time on Oct 8, covering Binance, OKX, Bybit and other major venues.