SUI Holds $0.725: Binance OI +4.9%, Hyperliquid -10.1%
SUI has been stuck near $0.725 for the past day, moving in a narrow $0.707-$0.738 band while the broader market slid. The price tape looks calm, but the derivatives book tells a different story: total open interest sits at $507.9M, barely down 1.4% in 24 hours, yet that headline number hides a sharp rotation between venues. Binance is adding SUI positions while Hyperliquid and MEXC are cutting theirs at double-digit rates.
SUI price pinned near $0.725 as OI splits underneath
Binance shows SUI at $0.7256, OKX at $0.7252, with 24-hour change around -0.8% on both venues. The daily high-low range is $0.738-$0.707, roughly a 4.3% band, so the token has been quiet relative to SOL, which lost its $100 handle earlier, or BTC, which slid toward $76K. The calm price action masks an open interest structure that is anything but uniform.
Binance and Gate hold ground while Hyperliquid, MEXC step back
Binance SUI open interest rose 4.9% in 24 hours to $90.9M, a 17.9% share of the $507.9M total. Gate is still the largest single venue at $98.7M, a 19.4% share, and its book barely moved at -0.08%. KuCoin holds $73.5M. On the other side, Hyperliquid cut SUI positions by 10.1% to $31.6M and MEXC shed 10.9% to $53.9M. The two venues that led the recent SUI leverage build are the ones pulling back, while Binance quietly adds.
Funding stays positive and liquidations stay tiny
Funding rates across major venues remain positive: Binance at 0.01%, OKX at 0.005%, with the volume-weighted average around 0.007%. Longs are still paying to hold, which is not what a broken trend looks like. Liquidations confirm the same picture. SUI saw only $683K of liquidations in 24 hours, with longs accounting for about 90% of that. There is no forced deleveraging happening, no panic flush. The small long liquidations look more like profit-taking at the top of the range than capitulation.
What the venue rotation means
Read this as leverage changing address, not leverage leaving. The speculative crowd on Hyperliquid and MEXC reduced exposure while Binance and Gate books stayed firm, which suggests the SUI positioning that remains is held by steadier hands. The signal to watch: if SUI breaks $0.738 with Binance open interest still climbing, the move has real backing. If price rolls over and Binance OI starts dropping too, that would be the first sign the longs are actually giving up. Until then, the flat tape with positive funding reads as accumulation, not distribution.
Data as of 11:29 Beijing time on Sep 2, 2026, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, KuCoin, MEXC and other major exchanges.