Sui Derivatives: $5.6M in Liquidations Put Shorts in Focus
Sui is trading at $1.2564 after an 8.4% daily rise, but the derivatives tape is showing a distinctly short-heavy squeeze. The latest venue breakdown puts open interest at $938.4M, up 9.7% in 24 hours, while the dashboard ticker shows $944.4M and a 2.2% decline over the last hour. At the same time, 24-hour liquidation volume reached $5.6M, including $4.4M in shorts and $1.2M in longs.
Recent market coverage is presenting SUI as one of the stronger performers in the broader crypto rally while traders debate whether the move can extend toward higher resistance.
OI is concentrated where the squeeze matters
Gate carries the largest listed SUI futures position at $179.3M, representing 19.1% of the tracked total after a 10.6% daily increase. Binance follows with $170.6M and an 18.2% share, up 9.3%, while Bybit holds $105.6M, or 11.3%, after a 9.2% rise. Bitget contributes $76.8M, equal to 8.2%, with a smaller 4.5% increase.
The short-term pattern is less one-directional than the daily build. Binance, OKX, Bitget and Gate all posted four-hour OI declines of 2.6%, 3.1%, 2.7% and 2.0%, respectively, while Bybit was the exception at a 0.7% increase. That combination suggests the daily leverage expansion is already being trimmed at several of the deepest books rather than accelerating uniformly.
Liquidations still favor a short squeeze
The hourly window recorded $192.7K in forced exits, with $156.8K from shorts against $35.9K from longs. Over four hours, short liquidations remained larger at $271.3K versus $174.2K for longs. The imbalance widened over 12 hours, when shorts lost $1.2M compared with $727.9K for longs, and became most pronounced across 24 hours.
Price levels in the largest liquidation prints mark both sides of the current battlefield. Binance logged a $200.7K short liquidation at $1.2745 and another $183.4K short liquidation at $1.2348. OKX recorded a $117.7K long liquidation at $1.2385, while two short events were printed at $1.1950 and $1.1889. With spot at $1.2564, the market is positioned between nearby upside short-liquidation pressure and a lower pocket of long liquidation risk.
Funding and positioning disagree by venue
The average funding rate is 0.0129% per eight hours, but the cross-venue spread is wide. OKX and several smaller venues show 0.01%, while Gate is at 0.0074%, Bybit at 0.003567% and Binance at 0.002591%. Bitget is negative at -0.0029% and Edgex at -0.005%, signaling that the cost of holding longs is not uniform despite the bullish price move.
The long/short ratio adds another layer of tension. Accounts are 70.3% long overall against 62.2% for active takers. Binance accounts are 70.7% long, but its takers are only 58.3% long. Bybit accounts are 72.3% long, while Gate accounts sit at 64.5%; however, Gate takers are 88.6% long, the strongest aggressive-long reading listed. OKX takers are the outlier, with 48.8% long and 51.2% short. Passive accounts therefore remain heavily bullish, while active flow is fragmented rather than unanimously chasing the move.
Verdict: The immediate liquidation-skew signal remains bullish but fragile: $1.2745 is the key upside trigger, while $1.2385 and $1.2348 define the nearest downside stress zone. The current OI reference is $938.4M; a break above $1.2745 with OI expanding from that level would confirm fresh squeeze continuation, while a loss of $1.2348 alongside renewed OI growth would invalidate the bullish liquidation-skew view. Data as of 07:12 Beijing time on Sep 28, covering Binance, OKX, Bybit and other major venues.