Stacks OI Falls 10.7%: Bybit Holds 19.8% While Funding Stays Positive
Stacks futures open interest stands at $46.2M after falling 10.7% in 24 hours, while price is $0.3723 and trading volume is $181.9M. That combination matters: the market is active, but the decline in open interest says the recent STX move is being met by position reduction rather than a broad expansion of leveraged exposure. Recent coverage has portrayed STX as a sharp overnight mover and tied renewed interest to Bitcoin-native finance and attention around Muneeb Ali.
OI concentration is high, but shrinking
Bybit is the largest listed venue at $9.2M, representing 19.8% of tracked OI, although its 24-hour balance has dropped 11.4%. Binance follows with $8.9M and a 19.2% share, down 4.6%, while Bitget holds $4.8M, or 10.4%, after a 2.9% decline. OKX contributes $3.7M and 8.1% of OI, with a smaller 1.6% retreat.
The venue split therefore points to distribution rather than a single-exchange shock. Bybit and Binance together account for the largest visible blocks, but both are contracting. Bitget and OKX are also lower, leaving only Gate as a notable positive exception, with OI up 0.6% despite holding just 1.8% of the tracked share. The broader signal is defensive: the largest pools are releasing exposure while price remains above the recent liquidation area.
Funding is positive, but not uniformly crowded
The ticker’s average funding rate is 0.0044%, indicating a mild cost for longs. Current venue readings show +0.01% on Binance, Bybit, Bitget and several other exchanges, while Crypto.com is higher at +0.035%. Hyperliquid is only +0.00125%, and dYdX is neutral at 0%. Against that, CoinEx is negative at -0.044% and Gate is negative at -0.022%.
This spread weakens the case for a one-sided long frenzy. Positive funding dominates the major venues, but the negative readings on CoinEx and Gate show that positioning is not synchronized across the market. Funding is supportive enough to keep a bullish bias alive, yet not broad enough to validate the idea that rising leverage is driving the entire move.
Liquidations and positioning show a split tape
In the latest liquidation windows, shorts were hit harder over the shorter horizon: $1,631 in short liquidations versus $184 in longs over one hour, and the same $1,631 in shorts versus $638 in longs over four hours. Over 12 hours, the balance reversed, with $49,522 in long liquidations against $23,032 in shorts. Across 24 hours, longs accounted for $325,981 and shorts $286,690, for a total of $612,671.
Positioning is similarly undecided. The long-short ratio data shows 51.6% of accounts long, while active takers are only 50.3% long. Accounts are therefore modestly more bullish than the flow of aggressive trades. That divergence, combined with the 24-hour OI decline, suggests that some longs remain on the books even as active participants reduce directional commitment.
Verdict: The immediate structure is an OI unwind, not an OI surge. STX is at $0.3723, with $46.2M in tracked OI; $0.3676 is the clearest nearby liquidation reference, while $0.4084 is the upper short-liquidation level that would test whether momentum can return. The bearish interpretation is invalidated if price reclaims $0.4084 while OI rebuilds from $46.2M and funding remains positive across the major venues. Until that combination appears, the data favors fading leverage expansion rather than treating every price bounce as a fresh derivatives breakout.
Data as of 09:05 Beijing time on Oct 2, covering Binance, OKX, Bybit and other major venues.