PONS -12% to $0.716: OI Holds $168M, Binance Adds 136%
PONS perps fell 12% to $0.716 early Tuesday, the first serious pullback after the pair printed a 24-hour high of $0.877. The reversal came on heavy volume across 15 trading venues, yet total open interest stayed almost flat, and Binance added contracts at a pace no other exchange came close to matching.
PONS sells off after the $0.877 spike
Binance showed PONS at $0.716, down 12.3% over 24 hours, with a session range of $0.875 to $0.676. OKX painted nearly the same picture: $0.716, down 12.5%, with a high of $0.877 and a low of $0.676. The volume column explains why this move matters. More than $850 million changed hands across venues in a single day, led by Binance at $209 million, Bybit at about $189 million and Hyperliquid at $143 million.
For a decline of that size, the liquidation bill was small. Roughly $2.4 million in positions were wiped out network-wide in 24 hours, and longs paid 79% of it. Orderly selling rather than a cascade is what the tape shows, and that distinction usually decides whether a pullback becomes a trend change or just a shakeout.
Open interest holds at $168M while Binance rotates in
Total open interest sits at $168.1 million, down a modest 2.8% on the day. Hyperliquid remains the biggest venue with a 58.8% share, but its book shrank about 14% overnight. Binance moved the opposite way, lifting its PONS open interest 136% to $21.7 million for a 12.9% share, and it added another 7.6% in the last four hours. Bybit climbed 10.6% to $17.1 million and OKX rose 13% to $10.4 million, while Bitget, MEXC and KuCoin each cut more than a fifth of their exposure.
Read together, this is a rotation rather than an exit. Speculative longs closed out on Hyperliquid and the smaller exchanges, and fresh positioning opened on Binance, Bybit and OKX as the price fell toward the $0.70 round number.
Funding stays positive, so dip buyers are paying
Funding on Binance reads +0.046% per cycle and +0.073% on Bybit, which means longs are still paying shorts to hold. Hyperliquid sits near zero and Gate has flipped negative at -0.027%. Positive funding into a falling price usually signals one of two scenarios: dip buyers are adding with real conviction, or the remaining leveraged longs get flushed if the low fails to hold.
Levels to watch
The 24-hour low of $0.672 to $0.676 on Binance and OKX is the first line of defense. A break below it, with Binance four-hour open interest still climbing, would put those fresh longs at risk. On the upside, $0.80 is the near resistance and the $0.875 to $0.877 high is the level that would confirm the pullback is finished.
The setup is genuinely two-sided. A daily volume above $850 million, flat total open interest and one venue adding 136% in a single day do not look like a one-way trend, so expect volatility in both directions until one of those levels gives.
Data as of 00:55 Beijing time (UTC+8) on September 8, 2026, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.