Pi Network OI Falls 3.0% as MEXC Holds 59.6% of Futures Exposure

Pi Network is trading at $0.08425 after a 3.2% decline, while total open interest across the tracked venues has fallen 3.0% in 24 hours to $22.8M. The important detail is not simply that leverage is shrinking: the contraction is concentrated at three venues, while MEXC is building exposure and now represents 59.6% of the monitored total.

Market coverage has recently focused on PI remaining below an important resistance area as broader crypto trading conditions stay volatile.

MEXC absorbs the open-interest shift

The exchange breakdown shows a sharp structural split. MEXC carries $13.6M of PI open interest, equal to 59.6% of the four-venue total, and its exposure is up 3.4% over 24 hours and 5.5% over four hours. That makes MEXC the only venue in the supplied snapshot with meaningful daily growth.

By contrast, Bitget holds $4.6M, or 20.0%, after a 6.9% daily reduction. Gate has $2.5M and a 10.9% share, down 11.9%, while OKX has $2.2M, or 9.5%, after the steepest contraction at 17.8%. The four-hour changes add nuance: OKX is up 1.6% and Gate is up 0.4%, but Bitget is down 1.9%. This suggests some short-term repositioning after broader deleveraging rather than a uniform exit from PI derivatives.

Positive funding is mild but consistent

Current funding rates are positive at every listed venue, although the levels differ. Bitget and Gate are both at 0.005%, Bitunix is at 0.004661%, LBank is at 0.0031%, and MEXC is at 0.0025%. The range is narrow, but its direction matters: long positions are still paying shorts, so the derivatives market has not fully reset into a defensive negative-funding regime.

MEXC combines the largest OI share with the lowest listed funding rate. That combination is less aggressive than Bitget’s pricing, yet it still leaves the dominant venue carrying a large inventory of open contracts. If price remains weak, that concentration can make MEXC the most important venue for the next round of forced positioning.

Liquidations show a one-sided flush

The liquidation record reinforces the bearish pressure. Twenty-four-hour liquidations total $381.9K, with $381.0K from longs and only $918.0 from shorts. The imbalance is even clearer over 12 hours: $376.4K in long liquidations versus $918.0 in short liquidations, across 233 events. The latest four-hour window recorded $7.5K of long liquidations and no short liquidations across three events.

This is not a classic two-way leverage reset. It is a long-heavy washout occurring while funding remains positive and aggregate OI is lower. The 1-hour liquidation window shows no reported liquidations, so the immediate forced-selling impulse has cooled, but the daily structure still points to longs absorbing most of the damage. Account and taker long/short readings were not supplied, so there is no reliable basis for claiming that retail positioning or active execution has diverged from the liquidation data.

Verdict

PI’s structure remains bearish-to-neutral: price is $0.08425, aggregate OI is about $22.8M, and the dominant MEXC book is expanding while OKX, Bitget and Gate contract. The key invalidation signal would be a sustained move above $0.08425 accompanied by total OI rising above $22.8M; that would show fresh participation is supporting the rebound rather than merely covering leverage. Until then, positive funding and the $381.9K long liquidation skew argue that downside pressure has not been fully cleared.

Data as of 15:12 Beijing time on Oct 7, covering Binance, OKX, Bybit and other major venues.