PENGU Slides 9.6%: OI -12% to $116M, Funding Stays Positive
PENGU slid 9.6% to $0.0088 over the past 24 hours, and the move came with a clear drop in leveraged positioning. Open interest fell 12.1% to $115.6 million, meaning traders are unwinding positions rather than adding against the dip. Funding on major venues stayed slightly positive at 0.005%, a detail that separates this pullback from a panic flush.
Price and liquidations: a quiet decline
Binance showed PENGU at $0.008796 with a 24h range of $0.008774 to $0.009991, down 9.62%. OKX printed $0.008797, down 9.40%, with the same high and a low of $0.008782. The two references agree closely, so the slide is real rather than a data artifact on one venue.
Liquidations tell the other half of the story. Only $0.99 million was wiped out across PENGU contracts in 24 hours, with longs paying about 80% of that. For a token that ran to $0.00999 earlier in the window, that is a thin liquidation bill. Most of the decline happened as buyers stepped aside, not as leveraged longs got forced out in bulk.
Open interest shrinks across venues
Every major venue cut PENGU exposure during the drop. Binance OI fell 11.09%, Bybit dropped 10.46%, and OKX shaved 7.59%. Total open interest now sits at $115.6 million across 18 venues, with Binance holding a 24.6% share and Bybit 23.6%.
That distribution matters. The two largest OI venues shrank at a similar pace, so the unwind is broad rather than concentrated on one exchange. There is no sign of one venue dumping into another, which would usually show up as a big share shift.
Funding stays positive while price falls
Funding is still positive at 0.005% on Binance, Bybit and Bitget, and roughly flat on Hyperliquid. Perp traders keep paying a small premium to hold longs even as the price drops. In a typical long flush, funding turns negative quickly as bulls close and new shorts pile in. That has not happened here.
The combination of falling price, falling OI, and positive funding points to voluntary deleveraging. Position sizes are coming down, but the remaining longs are not being punished hard enough to flip the rate negative.
What to watch
The support zone sits near $0.00877, the 24h low on both Binance and OKX. If price holds there and OI stabilizes, the pullback looks like a reset after the run to $0.00999. If OI keeps shrinking while funding flips negative, shorts are taking over and the next leg could be faster to the downside.
Data as of 00:35 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate and Bitget among major exchanges.