Pi Network Open Interest Climbs 7.6% as MEXC Holds 65.0%
Pi Network derivatives open interest rose 7.6% in 24 hours to $24.9M, while the token traded at $0.08197. The buildup is concentrated rather than evenly distributed: MEXC accounts for 65.0% of tracked open interest and expanded its position by 10.2%, making it the central venue behind the latest surge.
That combination creates a meaningful positioning signal, but not yet a clean bullish confirmation. The available derivatives data shows more contracts being added while funding remains identical across several venues and liquidation pressure stays limited. The market is becoming more crowded, but the direction of that crowd is still uncertain.
MEXC supplies most of the expansion
MEXC holds $16.2M in open interest, equal to 65.0% of the tracked total, and its 24-hour increase is 10.2%. The next-largest allocation is Bitget at $4.2M, or 16.8%, although its open interest rose only 2.5%. Gate contributes $2.3M and 9.4% of the total after a 2.0% daily increase, while OKX holds $2.2M and 8.8% after adding 5.2%.
The venue split matters because the aggregate move is not being driven evenly across the market. MEXC’s increase is roughly the dominant contribution, while the other three venues show smaller gains. That concentration can amplify any move if positions are similarly biased, but it can also make the headline OI increase less representative of broad market conviction.
Funding offers no directional edge
Current funding is 0.005% on Bitget, Bitunix, Gate, LBank and MEXC. There is therefore no visible venue-level funding spread to identify an especially aggressive long or short side. The ticker’s average funding rate also converts to 0.005% for the 8-hour period.
Uniform positive funding normally indicates that longs are paying shorts, but the small and consistent reading does not by itself signal an overheated long trade. It does, however, leave the OI surge without a confirming funding impulse. The most defensible reading is that leverage is accumulating, while directional conviction remains moderate.
Liquidations and positioning remain incomplete
The liquidation windows show almost no forced deleveraging. The one-hour, 12-hour and 24-hour windows each report $0, while the four-hour window records $1,858.28 of short liquidations and no long liquidations. That isolated short-side event is consistent with a brief upward move, but it is too small and too one-sided to establish a broad squeeze.
Both account-level and taker long/short datasets are empty, so the usual comparison between account positioning and aggressive trade flow cannot confirm whether the OI increase is led by longs, shorts or paired strategies. Recent coverage has focused on Pi’s stablecoin ambitions, possible protocol changes and the token’s recovery prospects, but those narratives do not replace the missing positioning evidence.
Verdict: PI has a constructive but fragile derivatives setup. The key reference levels are $0.08197 for price and $24.9M for total open interest: holding above both while MEXC’s $16.2M base continues to expand would support a continuation thesis. A break below $0.08197 while OI remains above $24.9M would invalidate that view by pointing to trapped exposure rather than healthy accumulation. Data as of 08:16 Beijing time on Oct 10, covering Binance, OKX, Bybit and other major venues.