PENDLE Rally to $1.97: Binance OI +12%, Funding Flat
PENDLE rides the squeeze, then adds leverage
PENDLE climbed to $1.973 on Binance by 19:23 Beijing time, up 7.2% in 24 hours, with OKX quoting $1.9730 and a matching 7.05% gain. The move pushed the token close to the $2 mark it has been circling since mid-week. What separates this leg from the meme-coin squeeze is what sits underneath: open interest rose to $60.3M, up 11.6% in a single day, while funding stayed pinned at 0.01% on Binance, Bybit, Bitget and Gate. The rally has participation, but the leverage book is not shouting yet.
Binance leads the position build
Venues did not add at the same pace. Binance, which holds roughly 32% of PENDLE open interest at $19.3M, grew its book 12.1% over 24 hours. Bybit added 9.5%, Hyperliquid a quieter 4.4%. OKX lagged at 5.8% and its positions actually shrank about 2% over the past four hours. That split points to Binance-led flow rather than a synchronized bid across exchanges, which matters when judging whether the move has one sponsor or broad demand behind it.
Flat funding means the chase is not crowded
Funding rates frame the same picture from the other side. At 0.01% per settlement period on the major venues and near zero on Hyperliquid, longs are not paying a premium to hold. A typical short squeeze sees funding jump as buyers pile in late. Here it has not moved, which gives the rally room before leverage costs turn into friction. The risk runs the opposite way as well: positions opened at flat funding can unwind without warning if spot buying stalls, so a calm funding tape is not a guarantee of a calm exit.
Two levels decide the next move
The $1.9987 high from the last 24 hours is the first line. A clean break with funding still flat would signal continuation rather than a fade. The second is Binance open interest holding above $19.3M. If price stalls near $2 while OI keeps climbing, that is the configuration that tends to resolve with a long flush. If OI cools and price holds, the move has a firmer base. Watch the funding print at the next settlement for the earliest tell.
Data as of 19:23 Beijing time on September 4, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.