Sui Positioning Split: $771.5M OI and 73.7% Accounts Long
Sui is trading at $1.1213 with $771.5M in open interest, down 1.0% over 24 hours, but the headline figure hides a sharp positioning split. Accounts are 73.7% long, while taker flow is only 55.6% long, and the largest venues are shedding exposure at different speeds. Recent market coverage has portrayed SUI as a strong outperformer over the past four weeks, even as selling pressure has emerged near the $1.10 area.
OI is concentrated, but not moving together
The largest open-interest block sits on Gate at $152.6M, or 19.8% of the tracked total, with its OI down 2.1% in 24 hours and 1.1% over four hours. Binance follows with $135.2M and a 17.5% share, but its decline is steeper at 4.3% over 24 hours. Bybit holds $104.1M, or 13.5%, and is down 1.5%, while Bitget contributes $66.2M, or 8.6%, after a 2.5% daily reduction.
That distribution matters for the positioning divergence. Gate still carries the largest venue share, yet Binance is unwinding more aggressively. OKX is smaller at $38.8M, or 5.0%, but its OI has fallen 7.6%, the sharpest daily contraction among the major listed venues. The aggregate reduction therefore looks less like a uniform exit and more like a rotation of leverage across venues.
Account longs diverge from active execution
The account data is structurally bullish: Binance shows 66.3% long accounts, OKX 74.8%, Bybit 77.9%, Bitget 80.1%, and Gate 69.6%. Yet the long/short ratio based on taker activity tells a less comfortable story. Binance takers are only 29.2% long and 70.8% short, while OKX is nearly balanced at 48.1% long and 51.9% short.
Gate is the exception, with 89.4% long takers against 69.6% long accounts. This creates a venue-level contradiction: passive account positioning is broadly long, but Binance’s active flow is aggressively selling, while Gate’s active flow is buying into the long bias. The aggregate 55.6% long taker reading is therefore not a clean confirmation of the 73.7% account reading.
Liquidations show a changing pressure map
The liquidation profile also shifts by window. Over 24 hours, long liquidations reached $434.0K versus $344.0K for shorts, suggesting that downside moves have punished the crowded long side overall. Over 12 hours, however, short liquidations jumped to $324.2K against $68.0K for longs. The four-hour window then showed $33.0K in long liquidations and $6.4K in short liquidations.
The largest recorded long wipeouts occurred at $1.0791 and $1.0976, worth $60.4K and $39.3K. Short liquidations appeared at $1.1289 and $1.1390, worth $38.8K and $38.0K, with another $34.5K short liquidation at $1.1241. Funding adds to the split: Binance, Bybit and several venues are positive at 0.0% after rounding, while OKX and Bitget are negative at -0.0%. Coinbase and CoinEx are higher at 0.1% and 0.2%, respectively.
Verdict: SUI’s immediate positioning remains fragile rather than decisively bullish. The key downside reference is $1.0976, followed by $1.0791; the key upside liquidation band is $1.1289-$1.1390. A recovery above $1.1390 accompanied by open interest rebuilding from $771.5M would invalidate the bearish-divergence view, while a break below $1.0976 with OI still contracting would confirm that crowded account longs are being forced out. Data as of 05:05 Beijing time on Oct 12, covering Binance, OKX, Bybit and other major venues.