Pi Network Open Interest Rises 2.0% as MEXC Holds 54.9% Share
Pi Network is showing a notable derivatives split: price sits at $0.08862 after a 30.4% decline, while open interest has risen 2.0% over 24 hours to about $21.7M. The same dashboard shows volume down 60.9%, so the immediate signal is not broad participation. It is a growing derivatives position base forming while spot activity and price momentum remain weak. Recent coverage has centered on new testnet data, potential OpenUSD-related utility and different October price scenarios.
OI is rising, but the structure is concentrated
The exchange split makes the buildup more important than the headline increase. MEXC carries $11.9M, or 54.9% of tracked OI, and its positions increased 3.0% over 24 hours and 0.6% over the latest 4-hour comparison. Bitget is the second-largest venue at $4.9M and 22.4% share, but its 24-hour OI declined 1.7%, despite a 0.3% increase over the latest 4-hour period. Gate holds $2.5M, or 11.7%, with OI up 2.1% over 24 hours, while OKX has $2.4M, or 11.0%, after a stronger 4.6% daily increase.
This distribution says the aggregate rise is being carried mainly by MEXC, with OKX adding support at a much smaller base. All four venues show positive short-window changes, ranging from 0.1% at Gate to 0.6% at MEXC, but the larger daily divergence at Bitget limits the case for a synchronized market-wide build. For PI, venue concentration raises the risk that a shift at the dominant exchange will move the aggregate OI reading quickly.
Funding is flat and liquidation pressure is absent
Current funding rates are identical across Bitget, Bitunix, Gate, LBank and MEXC at 0.005%. The ticker’s average funding reading is also 0.005% on an 8-hour basis. That uniformity offers no clear directional edge: longs are not paying an unusually elevated premium, and shorts are not receiving a meaningful incentive that would signal a heavily skewed trade. Funding therefore confirms that OI is expanding without an obvious leverage imbalance in the available readings.
The liquidation windows are even quieter. Reported long and short liquidations are both $0 across the 1-hour, 4-hour, 12-hour and 24-hour windows, with total liquidation value also at $0 in every window. This does not prove that the open positions are safe; it means the dataset records no forced unwind to explain the latest OI increase. Combined with the 60.9% volume contraction, the setup looks more like a controlled or thinly traded position build than a confirmed squeeze.
What the price-OI mix implies
The long/short account and taker readings are unavailable, so there is no account-versus-active-flow confirmation for the direction of the new exposure. That missing confirmation matters because rising OI during a falling price can reflect fresh shorts, defensive hedges or buyers absorbing weakness. With funding neutral and liquidations absent, the data cannot distinguish those cases by itself.
The exclusive verdict is a fragile OI build rather than a validated bullish reversal: keep $0.08862 as the key price reference, with $21.7M as the aggregate OI reference and $11.9M as the MEXC concentration marker. A sustained move above $0.08862 while aggregate OI holds above $21.7M would invalidate the fragile-build view and strengthen the case for constructive positioning; instead, a break below $21.7M in OI would confirm that the expansion has unwound. Data as of 07:05 Beijing time on Oct 4, covering Binance, OKX, Bybit and other major venues.