SUI Falls 5% to $0.78: Funding Near Zero, OI Holds $574M

SUI slides 5% to $0.78 after a 7.6% round trip

SUI ended a two-day grind at $0.7786 on Binance and $0.7763 on OKX, down 4.7% to 5.1% over 24 hours. The move looks tame next to the intraday path: the token tagged $0.8349 in the early session, then gave it all back and more, printing a $0.7755 low near the close of the window. That is a 7.6% round trip in roughly a day, and the price is now sitting within a hair of the low.

The pullback came while the broader tape was mostly flat. BTC hovered at $78,900, and total crypto liquidations ran to $473M over 24 hours, with long and short side damage almost evenly split. SUI was not the center of that storm, but its own derivatives book shows a clear pattern: longs carried the pain.

Longs took 90% of the hit, but the flush was shallow

Liquidations on the token totaled $2.75M in 24 hours, and $2.49M of that, roughly 90.5%, hit long positions. Shorts paid just $260K. The skew is unambiguous, yet the absolute size is small. Compare that with BTC's $207M or ETH's $130M in the same window, and this reads as a positioning cleanup, not a deleveraging event.

What makes the cleanup interesting is what did not happen: open interest did not collapse. Futures open interest on the coin held at $574M, up 1.48% on the day, so traders added or rolled positions while the spot price fell. The leverage is being redeployed, not unwound.

Binance adds while OKX trims, Gate leads the book

The OI change is not uniform. Binance raised open interest 6.4% to $103M, and Bybit added 1.9% to $62.3M. OKX went the other way, cutting 3.2% to $26.8M. Gate sits at the top of the book with $106.6M, roughly 18.6% of the $574M total, and its 24-hour change was close to flat. The net picture is rotation: some venues adding, others trimming, aggregate rising.

Funding near zero: fresh longs are not paying for the bet

Funding rates across major venues are effectively flat. Binance, OKX, Bitget and Gate all show 0.01% or below for the next settlement, Hyperliquid sits at 0.001%, and Coinbase is at 0.0003%. When a falling asset carries near-zero funding, long holders are not being charged to stay in the trade, which tends to keep crowded positioning in place rather than forcing it out.

The setup worth watching: the token is at the low end of its range, OI is still climbing, and funding gives no signal either way. A break below $0.775 with OI still rising would point to a deeper long flush. A reclaim of the mid-range near $0.80 would show the new leverage is being put to work on the long side. Either way, the next leg likely comes with a louder liquidation print than today's quiet $2.75M.

Data as of Beijing time 01:10 on August 26, 2026, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.