THORChain RUNE RSI Hits 77.8 as Open Interest Climbs 8.0%
THORChain token RUNE is trading at $0.7575 with a daily RSI of 77.8, while derivatives open interest has expanded 8.0% to $24.6M. The combination is constructive for momentum but uncomfortable for fresh longs: the 4h RSI is already 65.1, the 1h RSI is 50.9, and the market is carrying more leverage after a strong build-up in exposure.
Open interest is concentrated in the leaders
The open interest snapshot shows Binance holding $7.6M, or 30.9% of the tracked total, after a 10.8% rise over 24 hours. Bybit follows with $4.7M and 19.0% share, up 8.4%, while Bitget holds $1.8M, or 7.4%, despite a 1.1% daily decline. Gate contributes $793.2K, or 3.2%, after falling 4.6%.
This distribution matters for an overbought reading. The two largest venues are still adding exposure, so the RSI signal is not being driven only by a thin market. At the same time, Bitget and Gate are not confirming the expansion on a daily basis. The broader derivatives total is therefore bullish in direction but uneven underneath, leaving RUNE vulnerable if the largest venues stop absorbing new leverage.
Funding is positive, but not uniform
The funding rate split also argues against treating the move as a clean, market-wide long consensus. Binance, Bitget and Gate each show +0.01%, while Coinbase is +0.005% and CoinEx is +0.004149%. Smaller positive readings appear on dYdX at +0.000733% and Hyperliquid at +0.00125%.
Bybit is the clear exception at -0.02839%, while Crypto.com is also negative at -0.001213%. That contrast is important: several venues are charging longs, but one of the largest open-interest centers is paying them instead. The average 8h funding rate is 0.004467%, positive but modest relative to the strong daily RSI. In practical terms, leverage is leaning long on several books, yet the cross-venue signal is not sufficiently synchronized to confirm a low-risk continuation.
Long liquidations reveal crowded exposure
The liquidation windows show the market has already started punishing the long side. Over 24 hours, long liquidations reached $209.8K versus $173.9K for shorts, for a total of $383.7K across 491 events. The imbalance is sharper over 12 hours: $67.8K of longs were liquidated against only $7.5K of shorts, producing $75.3K in total liquidations across 107 events.
The shorter windows are less decisive. Over 4 hours, long liquidations were $1.7K and shorts $1.7K, while the 1h window recorded no long liquidations and $760.2 of shorts. This suggests the immediate tape has not yet produced a full downside cascade, but the accumulated long-side damage is consistent with an overextended positioning profile. The largest recorded event was a $34.2K RUNEUSDT long liquidation on Binance at $0.7721, a price that now stands out as a nearby leverage reference.
Positioning disagrees with active flow
The account-versus-flow split is unusually stretched. The aggregated account snapshot places long accounts at 57.8%, while the active taker reading is 86.9% long. On Binance specifically, accounts are 66.3% long and 33.8% short, with a 1.963 long/short ratio. This is a strong gap between who holds positions and who is aggressively initiating trades: passive account positioning is bullish, but active takers are far more one-sided.
That divergence supports the overbought thesis rather than disproving the uptrend. If aggressive buyers keep lifting offers, RUNE can extend higher, but the same concentration makes any loss of momentum more capable of forcing long closures.
Verdict: The near-term bias is pullback risk while RUNE remains below the $0.7721 liquidation reference, with $0.7575 as the current price anchor and $24.6M as the key open-interest level. A move above $0.7721 alongside open interest rebuilding above $24.6M would invalidate the overbought-pullback view and signal that leverage is supporting continuation rather than exhaustion. Data as of 04:05 Beijing time on Sep 28, covering Binance, OKX, Bybit and other major venues.