SUPER +25% to $0.126: OI Doubles to $10.7M, Funding Negative
SUPER Rallies 25% While the Whole Market Drifts Sideways
SUPER climbed about 25% to $0.126 on Binance in the last 24 hours, one of the strongest moves among mid-cap tokens while BTC hovered near $78,900. Binance shows a 24-hour high of $0.1335 and a low of $0.0994, which means the round trip covered a 34% band before buyers took control. Trading volume across the venues that list SUPER reached roughly $105 million, with Binance alone moving about $32 million.
The move stands out because it did not come with a wave of forced liquidations. SUPER does not even appear on the top-30 liquidation table, which is unusual for a token that gains a quarter of its value in one day. The rally looks driven by position building rather than by shorts being hunted.
Open Interest Doubles to $10.7M: Fresh Money, Not Leverage Churn
Total open interest in SUPER perpetuals doubled over 24 hours to about $10.7 million. Binance leads the build with $3.9 million in open positions, up 121% on the day. Bybit added $2.0 million, up 150%, and KuCoin's book grew 209% even though it still holds a smaller share of the total.
The shape of the increase matters. When a price spike is driven by short liquidations, open interest usually falls because positions are closed by force. Here OI climbed at nearly the same pace as the price, which is the signature of new entries. Someone is paying to open leverage into strength.
Funding Rates Are Still Negative: The Squeeze Has Not Started
Perpetual funding for SUPER is negative across major exchanges. Binance sits at -0.0019%, Bybit at -0.0038% and Hyperliquid at -0.0009%. Negative funding means shorts have been paying longs, a residual of the earlier downtrend that has not reset even after the 25% bounce.
That setup creates an asymmetric situation. If the rally holds, the funding pool flips positive and longs start collecting, which tends to pull more buyers in. If it stalls, the negative rate cushions longs by paying them to stay. Either way, the cost of holding a short is still rising in a market where the price keeps moving up.
What to Watch Next
Two levels frame the near-term picture. A close back above the $0.1335 high would likely trigger the first meaningful short squeeze, since shorts who entered near the low are still underwater. A break below $0.11 would signal the new longs are the ones getting flushed, and the OI build of the last 24 hours would unwind quickly.
For traders, the takeaway is that SUPER is now a positioning story, not a liquidation story. The negative funding and doubling OI describe a market where directional bets are being placed ahead of confirmation. Watch funding turn positive as the earliest sign that the squeeze is actually loading.
Data as of 21:35 Beijing time on Aug 24, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges. Binance spot and perpetual data were used as the price baseline.