NEAR at $1.95, OI $403M: Hyperliquid Now Top Venue

NEAR bounces back as the BTC squeeze lifts alts

NEAR is trading at $1.95, up 4.7% in 24 hours, after dipping to $1.845 during the broad selloff that preceded the reversal. The rebound tracks bitcoin, which climbed back above $81,000 as a short squeeze cleared $538M in short positions across the market over the same window. NEAR's 24-hour range runs from $1.8453 to $2.023, with roughly $374.7M in spot and derivatives volume changing hands.

The more telling move sits in futures positioning. Total open interest on the token's perpetuals rose 4.5% to $403M over 24 hours. That is a steady build rather than the violent re-leveraging that usually follows a flush, which points to traders adding exposure with care instead of chasing the candle.

Hyperliquid takes the top OI slot from Binance

The venue mix is the real signal. Hyperliquid now carries $90.8M in open interest, a 22.5% share that puts it ahead of every centralized exchange. Its OI grew 8.5% in 24 hours, the fastest pace among the top venues. Bybit sits second at $83M, up 3%, while Binance holds $74.8M, up 2.9% and lagging the pack. OKX added 8% to $25.4M, and MEXC rose 3.9% with a 7.1% push in the last four hours alone.

Binance's slower build matters. The long side of this rebound is not yet a Binance-driven crowd trade, and the biggest book now lives on the venue where the ecosystem's native liquidity has concentrated. If Binance OI starts closing the gap during a push toward $2.02, that would signal fresh conviction from a wider retail base rather than a niche rotation.

Funding stays mild: no crowded long yet

Funding is positive but soft. Eight-hour venues such as Binance, OKX and Bybit sit around 0.01% per settlement, and the volume-weighted average across exchanges is near 0.008%. Hyperliquid's hourly rate is close to zero. Longs are paying almost nothing to hold positions, which is the opposite of an overheated squeeze setup and leaves room for the move to extend without a leveraged hangover building underneath.

What to watch: the $2.02 retest and the venue gap

The immediate level is the 24-hour high near $2.02. A retest with OI still climbing would confirm the rebound has follow-through. The risk case is a fade: Hyperliquid's book already cooled 3.2% in the last four hours, and if the rest of the market follows while price stalls under $2, the bounce could settle back into a range grind.

For now the setup is balanced. Leverage is rebuilding at a measured pace, funding is not flashing overheating, and the split between venues gives a live read on who is actually adding risk. Data as of 08:30 Beijing time on September 4, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.