ONG +24% to $0.1136: OI +54% as Funding Stays Negative
ONG's Second Leg: +24% Off the Crash Floor
ONG is trading at $0.1136 on Binance, up 24% over 24 hours and roughly 34% above the session low of $0.08501. The recovery follows the August 28 drop that cut the token about 44% from its $0.166 peak and halved open interest. The bid is broad: Bybit shows $0.11525, Gate $0.11360, Bitget $0.11345 and MEXC $0.11354. All five venues sit within 1.6% of each other, which reads as genuine spot demand rather than one exchange printing a bad quote.
OI Rebuilds to $36.4M, Bybit Leads
Total open interest on ONG contracts has climbed 53.7% in a day to $36.4 million. Bybit is the fastest builder at +84.2%, MEXC adds 63.2% and Binance 40.3%. Binance and MEXC now split roughly two-thirds of the book between them. Rising price with rising OI means fresh money is entering the trade, not a cascade where positions close into the move.
Funding Stays Negative: Not a Squeeze Yet
Every major venue still charges negative funding. Binance sits at -0.19% per eight hours, Bybit -0.37%, Bitget -0.19%, Gate -0.27% and MEXC -0.19%. Shorts keep paying longs to hold, and the price keeps climbing anyway. That combination usually resolves one of two ways: shorts get squeezed once funding resets, or the rally fades and funding flips positive on the way down. The liquidation tape says which side is winning.
Under $1M Liquidated: Spot, Not Leverage
Only $968,000 of ONG positions were wiped across all venues in 24 hours, split almost evenly between longs ($514,000) and shorts ($454,000). For a token swinging roughly 44% high-to-low in a day, that is tiny. No single ONG liquidation comes close to $1 million. That is the fingerprint of a spot-driven move: buyers take supply off order books while leveraged traders on both sides keep their size small.
What to Watch
The setup is unusual: rising OI, negative funding, minimal liquidations. If the price holds above $0.11 and funding drifts toward zero, shorts closing in size would light the fuse for a real squeeze. If OI stalls while the price keeps climbing, the move is running on spot momentum and a pullback toward $0.105 is a normal pause, not a reversal signal. The leverage picture is the tell to watch, not the candle.
Data as of 01:30 Beijing time on September 2, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.