Sui Derivatives: $758.4M OI Meets a 72.1% Long-Account Bias

Sui is trading at $1.0381 after a 10.0% move, but its derivatives market is sending two different messages. Aggregate open interest has reached $758.4M, up 12.0% in 24 hours, while 72.1% of tracked accounts are long. Active takers, however, are only 47.2% long, leaving the market long in account count but short in immediate execution.

That divergence matters because the rally is attracting exposure without producing uniformly aggressive buying. The result is a market where a further squeeze remains possible, but where crowded long positioning can become fuel for a reversal if spot momentum weakens.

OI is concentrated, but not moving uniformly

Gate holds the largest reported share at 19.5%, with $148.1M of open interest and a 7.0% daily increase. Binance follows with 17.9% and $135.4M, while Bybit accounts for 11.7% and $88.7M. Bitget adds 8.7%, or $65.7M. The largest venues are therefore carrying substantial exposure, yet the acceleration is uneven: Bybit's open interest rose 2.6% over the latest four-hour window, compared with 1.8% on Binance and OKX, while Gate advanced 3.2%.

This is a positioning divergence inside the open-interest expansion itself. Gate and Bybit are building exposure faster over the short window, while Binance remains the largest liquid venue among the named exchanges and still added 10.1% over 24 hours. A continuation higher would need these increases to persist without a sharp unwind from the more crowded accounts.

Funding is positive, but the premium is fragmented

Current funding rates reinforce the long-side crowding, though they are not equally stretched across venues. Bybit, Bitget, Gate and OKX each show 0.0% when rounded to one decimal place, while Binance is at 0.0% and Coinbase at 0.0%. At the source precision, Binance is 0.005403%, compared with 0.010000% on Bybit, Bitget, Gate and OKX. Hyperliquid is lower at 0.001250%, while Backpack is negative at -0.000860% and Kraken is negative at -0.003659%.

The key signal is not simply that funding is positive. It is that the highest open-interest venues show a stronger long financing burden than several alternative venues, while the basis remains negative at -0.0% annualized to -14.0%. That combination suggests traders are paying to maintain directional exposure even as the broader futures curve does not confirm a clean bullish premium.

Liquidations favor shorts over the short window

Liquidation data shows why the market can still squeeze higher. Over one hour, shorts lost $17.0K versus $12.0K for longs; over four hours, short liquidations reached $72.6K against $29.7K for longs. Yet the longer windows are nearly balanced: twelve-hour liquidations totaled $1.3M, split between $636.8K of longs and $624.3K of shorts, while the 24-hour total reached $2.7M, including $1.4M of shorts and $1.3M of longs.

The largest recorded events sit near the current price. A Binance long liquidation occurred at $0.9953 for $192.3K, while a Binance short liquidation appeared at $1.0583 for $101.0K. Those levels define the immediate stress corridor: below $0.9953, crowded longs become vulnerable; above $1.0583, short-covering pressure could intensify.

Verdict: Sui's derivatives structure is cautiously bearish beneath $1.0583 because 72.1% long accounts, positive funding and a negative basis contrast with 47.2% long takers. The actionable pivot is $0.9953 on price and $758.4M on open interest: a break below $0.9953 with OI holding near or above $758.4M would favor a long flush, while a move above $1.0583 with OI sustained above $758.4M and taker longs recovering above 47.2% would invalidate the fade view and confirm stronger upside participation. Data as of 18:12 Beijing time on Sep 25, covering Binance, OKX, Bybit and other major venues.