SUI Recovers to $0.837 as OI Hits $647M, Shorts Pay 61%

SUI pushes back above $0.83 after a sharp intraday flush

SUI has climbed back to $0.837 at the time of writing, up 4.5% over 24 hours, after dipping as low as $0.782 earlier in the window. The recovery is broad-based across major venues: Binance shows a 24-hour band of $0.7821 to $0.8443, while OKX prints $0.7829 to $0.8445, so the bounce is not an artifact of one thin order book. From the session low, the token is up roughly 7% and sits within about 1% of its 24-hour high. That makes it one of the better performing large caps today, a day when Bitcoin is basically flat near $79,500.

SUI open interest jumps to $647M as shorts pay the bill

Perpetual open interest across tracked venues now totals $647M, up 6.4% in 24 hours, an increase of roughly $39M in new positions. Gate has retaken the top spot with $127.8M, about 19.8% of the total, after adding 10.9% on the day. Binance is a close second at $124.2M, a 19.2% share with an 8.2% gain, while Bybit ($81.1M), MEXC ($78.3M) and KuCoin ($67.7M) fill out the middle of the pack. Hyperliquid grew the fastest at 12% but still holds only about 6% of the market.

Liquidations for SUI came to $1.58M over the same 24 hours, and 61% of that was shorts. When price, open interest and short liquidations rise together, it points to leveraged bears being squeezed out rather than fresh spot demand alone. The figures are still small next to the $647M in open interest, so this reads as a controlled squeeze rather than a violent one.

Funding stays moderate, so the move is not overheated yet

Funding is the main reason the rally still looks orderly. On Binance, OKX, Bybit and Bitget, the 8-hour funding rate sits at 0.01%, a normal positive reading after an up day, while Gate prints close to zero and Hyperliquid is at 0.0013%. Volume-weighted funding across venues comes to about 0.008%. In plain terms, longs are paying a small fee to hold positions, but the rate has not spiked into the territory that usually marks a fully extended move. That leaves headroom for further gains without an immediate overcrowding penalty.

What to watch next

For traders the setup cuts both ways. The bullish read: shorts have been paying through the bounce, open interest is growing alongside price, and funding has not turned punitive, so momentum can extend toward and beyond the $0.845 high. The cautious read: the 24-hour range is wide at roughly 8% from low to high, and much of the new open interest is leveraged, so a Bitcoin stumble could trigger a fast unwind. Two signals will tell the story: whether funding pushes above 0.01% on the major venues, and whether SUI can hold $0.82 on any pullback.

Data as of 21:15 Beijing time on September 7, covering Binance, OKX, Bybit, Gate, Hyperliquid, Bitget, MEXC, KuCoin and other major venues.