Sui Open Interest Hits $888.2M as Exchange Growth Reaches 7.3%

Sui is trading at $1.2148 with aggregate open interest at $888.2M, up 4.0% over 24 hours. The leverage build is meaningful because trading volume has also risen 110.0% over the same period, yet open interest has slipped 1.5% in the latest hour. That combination points to an active market where positions are being added overall, but some of the newest exposure is already being reduced near the current price.

Market commentary is focused on whether Sui can extend its momentum or suffer a sharp reversal after its recent advance.

Gate and Binance lead the OI expansion

The exchange distribution shows that the leverage base is not concentrated in only one venue. Gate carries the largest listed share at 21.3%, or $189.6M, and its open interest has increased 7.1% in 24 hours. Binance follows with an 18.6% share and $164.8M, while its open interest has risen 7.3%. Bybit holds 12.2%, equal to $108.2M, after a 4.2% daily increase. Bitget contributes 7.9% and $69.7M, but is the outlier among these larger venues, with open interest down 0.3%.

OKX is smaller at 5.0% and $44.3M, although its 5.0% daily increase still confirms broad participation. More importantly, every listed major venue shows a negative four-hour change: Binance is down 1.5%, OKX 3.0%, Bybit 1.9%, Gate 0.8%, and Bitget 1.5%. The structure therefore looks like a daily leverage build encountering short-term profit-taking rather than a clean, uninterrupted accumulation trend.

Funding is positive, but the spread is wide

The average eight-hour funding rate is 0.0189%, indicating that longs are paying to maintain exposure. Venue-level rates are uneven. Binance is at 0.006939%, while Bybit, OKX, Bitget and several other venues are at 0.01%. Gate is lower at 0.0031%, and Backpack is only 0.00125%. At the other end, Coinbase is at 0.1165% and CoinEx at 0.194748%, showing that the cost of long leverage can vary sharply by venue.

That spread matters for an open-interest surge: a crowded long book does not automatically mean the entire market is equally bullish. It can instead reflect aggressive positioning in isolated pockets, with traders on higher-rate venues more exposed to a funding-led unwind if price momentum fades.

Accounts are long, but takers are less confident

Account positioning is decisively long. Binance accounts are 69.3% long, OKX 70.9%, Bybit 73.9%, Bitget 77.9%, and Gate 63.5%. However, the long/short account picture diverges from active order flow. Binance takers are 60.8% long, but OKX takers are 46.0% long and 54.0% short. Gate is the strongest contradiction: only 7.5% of taker flow is long, against 92.5% short.

The liquidation record shows why this matters. Over 24 hours, total liquidations reached $2.52M, with $2.00M from shorts versus $523.7K from longs. The latest four-hour window is more balanced but still long-heavy, with $255.2K in long liquidations and $94.7K in short liquidations. In the past hour, longs accounted for $222.1K while shorts contributed only $1.6K. The largest recorded short liquidation was $215.6K at $1.2683, followed by $189.2K and $141.0K at $1.2610 and $1.2623. A notable long liquidation was $134.4K at $1.1989.

These levels frame the immediate map. A move back toward $1.1989 would test whether the recent OI expansion can survive a long-side flush. A push through the $1.2610-$1.2683 zone, by contrast, could force additional short covering, especially while account positioning remains long but Gate and OKX taker flow stays defensive.

Verdict: Sui’s $888.2M OI base and 4.0% daily increase support a squeeze-capable market, but the signal is mixed rather than cleanly bullish. The constructive case is a hold above $1.1989 followed by a reclaim of $1.2610, with $1.2683 as the key short-liquidation trigger. This view is invalidated if price loses $1.1989 while OI remains near or above $888.2M, because that would indicate leverage is absorbing a downside break instead of powering continuation.

Data as of 13:05 Beijing time on Oct 5, covering Binance, OKX, Bybit and other major venues.