RAY +62% to $1.394: OKX OI +428%, MEXC Cuts Again
RAY's second leg: price action since the low
RAY perpetuals are trading at $1.394, up 62% over the past 24 hours and sitting about 3% below the session high of $1.442 hit on OKX. The move is not a fresh breakout from a base; it is an acceleration. Earlier on September 6 the token had already bounced hard from sub-$1 territory, and this leg pushed the contract to a new local high before a modest fade.
Spot and perp prints are aligned across venues. OKX shows $1.3956 with a 24-hour change of +62.4%, Gate shows $1.395 (+62.3%), Bitget $1.393 (+62.2%) and KuCoin $1.393 (+61.9%). Four exchanges agreeing within a fraction of a cent means the rally is broad rather than one thin book marking prices up.
Open interest rotates: OKX and KuCoin load up, MEXC exits
The more telling number is where the leverage went. Total open interest across tracked venues is around $17.6 million, but the distribution shifted hard in 24 hours. OKX OI jumped 428% to roughly $4.85 million and now holds a 27.5% share. KuCoin added 311% to $3.8 million. Bitget grew 137%, Gate 447% from a small base.
MEXC went the other way for the second straight day. Its RAY OI fell another 45% after an earlier wave of cuts, dropping to about $5.15 million. MEXC is still the largest single venue at 29.2%, but its dominance is shrinking while OKX and KuCoin absorb the flow. That is a handover of position from one crowd to another, not simply more longs piling on top of the old ones.
Funding stays negative: shorts keep paying to stay short
Funding rates are negative on every venue with published rates, which matters for how this rally reads. Gate prints -0.0333% per 4-hour cycle, KuCoin -0.0454%, Bitget -0.0209%, MEXC -0.0208%. The volume-weighted average sits near -0.031% per cycle. Shorts are paying longs to hold the other side, and they have kept paying through the entire second leg.
Negative funding during a 62% rally usually means one of two things: shorts are stubborn and the squeeze has fuel left, or longs are late and crowded enough that a funding flip would signal exhaustion. Right now the mix of fresh OKX and KuCoin OI plus persistent negative funding leans toward the first case, but the setup gets fragile the higher price goes.
What to watch next
Three signals decide where RAY goes from here. First, whether OKX OI keeps climbing or starts to flatten; a stall in OI growth while price grinds up is the classic late-stage pattern. Second, MEXC's position: if it stops cutting, the handover is done and the base of the rally changes character. Third, funding flipping positive would mark the moment shorts capitulate, which historically lands near local tops in this type of move.
The practical takeaway is that RAY is a momentum trade with a clear structure but thin liquidity. Size stays small, stops stay tight, and the 24-hour high near $1.442 is the immediate level to watch. A daily close back under $1.30 would invalidate the second-leg setup quickly.
Data as of 01:35 Beijing time on September 7, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.