Sui Open Interest Falls 4.1% While $806.5M Builds a Split Structure

Sui is trading at $1.1559 while aggregate open interest has fallen 4.1% in 24 hours to $806.5M. That combination points to position reduction rather than a clean expansion of bullish risk. Recent market commentary frames Sui between rebound hopes and concerns that it is still building a base after supply-related pressure, but the derivatives structure is giving a more specific message: leverage is leaving, and the remaining positioning is unevenly distributed.

OI is concentrated, but not uniformly defensive

The exchange breakdown shows a split in where exposure sits. Gate carries the largest share at 20.8%, with $168.0M of SUI open interest and a 1.0% daily increase. Binance follows with 18.2%, or $146.6M, despite a 4.3% decline. Bybit contributes 12.1%, or $97.9M, after a 2.3% fall, while Bitget holds 8.4%, or $67.4M, after a much sharper 12.3% contraction.

This matters because the aggregate decline is not being driven equally across venues. Gate is adding exposure while the three other large venues are reducing it, with Bitget showing the clearest de-risking. The result is a market where the headline OI number looks broad, but the marginal direction is being decided by a narrower group of venues. The 1-hour change is still positive at 0.1%, yet that small increase has not reversed the 24-hour withdrawal of leverage.

Accounts are long; active flow is not

The long/short ratio data adds a critical warning. Across the tracked account figures, 73.1% of accounts are long, leaving 26.9% short. By venue, long accounts make up 69.4% on Binance, 73.4% on OKX, 75.4% on Bybit, 79.1% on Bitget and 69.6% on Gate.

That broad long bias contrasts with the available taker data, where only 38.0% of active traders are long. Binance takers are 58.5% long, but Gate takers are only 54.5% long; the aggregate figure therefore indicates that active positioning is much less bullish than the account count. In practical terms, many traders may still be classified as long, while the latest aggressive transactions are supplying more sell-side pressure. This account-versus-flow divergence weakens the case that the current dip is being met by decisive new buying.

Liquidations mark the downside path

The liquidation structure is heavily tilted toward longs. In the latest 24-hour window, long liquidations reached $4.3M against $0.5M for shorts, for a $4.7M total. The 12-hour window shows a similar balance, with $3.6M in long liquidations versus $0.4M in shorts. Even the latest 4-hour window recorded $86.3K in long liquidations and $4.9K in short liquidations.

The largest recorded events cluster below the current price: a Bybit long liquidation at $1.1327 was worth $193.8K, while Binance events appeared at $1.0915 and $1.0906, worth $181.4K and $177.3K. Another Bybit liquidation occurred at $1.0956 for $154.2K, and an OKX event printed at $1.1265 for $132.3K. These levels identify where long leverage has already been forced out and where further weakness could test remaining positions.

Verdict

The exclusive read is defensive: SUI needs to reclaim $1.1327 while open interest rebuilds above $806.5M to invalidate the current distribution-and-deleveraging view. Failure to hold the $1.1265 area, followed by pressure toward the $1.0956-$1.0915 liquidation cluster, would confirm that long-heavy accounts remain vulnerable. The view is invalidated if price recovers above $1.1327 and OI rises from $806.5M without another expansion in long liquidations.

Data as of 14:05 Beijing time on Oct 3, covering Binance, OKX, Bybit and other major venues.