Starknet OI Climbs 6.2% as $54.8M Positions Follow the Rally

Starknet is showing a constructive but internally divided derivatives setup: price is up 5.1% to $0.04106, while aggregate open interest has risen 6.2% to $54.8M. That combination points to fresh leverage entering alongside the move, yet the positioning data does not support a simple one-way bullish reading. Separately, reports say Strategy is seeking approval for daily accrual on several preferred-stock dividends, a development adjacent to the STRK ticker but not a direct driver of Starknet’s perpetual-market structure.

OI is concentrated, but broadly expanding

The leading venues are carrying most of the visible risk. Bybit holds $12.2M of STRK open interest, equal to 22.3% of the tracked total, after an 8.1% increase over 24 hours. Binance is close behind with $11.8M and a 21.5% share, while its OI has grown 10.0%. OKX contributes $4.2M, or 7.6%, after a 5.9% daily increase. Bitget is smaller at $2.6M and 4.8%, but its 7.4% gain confirms that expansion is not limited to a single venue.

The exchange split matters because Bybit and Binance together represent 43.8% of tracked OI. Their simultaneous increases make the move more durable than a rally driven by isolated activity. Binance also added 2.8% in the latest shorter window, compared with Bybit’s 2.0%, suggesting that near-term leverage is still being added at the two largest pools.

Funding is mostly calm, with one outlier

Funding rates are broadly positive, but the dispersion is important. Binance, Bybit, Bitget, Gate and several other major venues are at 0.0% when rounded to one decimal place, indicating only modest long-carry pressure at the displayed precision. Lighter is higher at 0.0%, while Paradex is also 0.0%; their unrounded readings are still above the broad cluster. CoinEx stands apart at 0.2%, whereas Coinbase is slightly negative at -0.0%.

This structure suggests that leverage is growing without a widespread funding frenzy. The average funding reading is 0.012173% on an 8-hour basis, so the market is paying longs overall, but the cost is not yet broad enough to confirm an overcrowded bullish trade. CoinEx’s outlier rate is the main venue-specific warning rather than a market-wide signal.

Liquidations favor the long side

Liquidation data shows that the recent move has not been a clean short squeeze. Over 24 hours, total liquidations reached $42.4K, including $34.8K from longs and $7.6K from shorts. Long liquidations therefore accounted for the larger share despite the positive price change. The imbalance is also visible in the 12-hour window, where $9.7K of longs were liquidated against $0.3K of shorts, for a $10.0K total.

The positioning split explains why. The headline account measure shows 58.4% long, but the taker measure is only 49.6% long. On Binance, the account breakdown is even more defensive: 46.7% long versus 53.3% short. In other words, more accounts lean long, while active market orders are slightly short-biased. That divergence can support price if sellers are absorbed, but it also leaves the rally vulnerable if new OI stops translating into upside.

Verdict: The current structure is cautiously constructive above the $0.04106 price pivot and the $54.8M aggregate OI anchor. Rising OI at Bybit and Binance supports continuation, while long-heavy liquidations and the 58.4% account-long versus 49.6% taker-long split argue against chasing an unconfirmed breakout. The view is invalidated if STRK loses $0.04106 while aggregate OI falls below $54.8M, signaling that leverage is leaving rather than supporting the trend. Data as of 16:13 Beijing time on Sep 26, covering Binance, OKX, Bybit and other major venues.