TUT Dumps 20%: OI -28% to $49.2M, KuCoin Top at 42%
TUT -20%: leveraged longs unwind
TUT dropped 20% in the last 24 hours to $0.0408 on Binance, with the session range stretching from a high of $0.05138 to a low of $0.03666. The selloff was not a quiet drift: 24-hour trading volume across venues came in near $150 million, and open interest fell 28% to $49.2 million at the same time. Price down and positions down together is the classic signature of long liquidation, not fresh short selling.
The move looks like the flip side of the squeeze that ran earlier this week. When the token spiked toward $0.052, late longs piled in on leverage. As momentum stalled, those same positions became the fuel for the drop. The 24h low at $0.03666 means a trader who bought the top with 5x leverage was already wiped out before the bounce.
KuCoin is now the largest venue for the token
What makes this unwind different from most meme-coin dumps is where the positions sit. KuCoin accounts for 41.6% of total open interest at $20.5 million, ahead of Bitget at 22.6% and Binance at 21.2%. KuCoin's own OI fell 29.7% over 24 hours, in line with the market, but its share stayed high because the other venues shrank faster.
Binance cut 25.3% of its open interest, Bitget 23.1%, and Bybit shed 36.2%. The one outlier is MEXC, which trimmed only 5.1%, and Gate which slipped just 2.9%. For traders, the takeaway is simple: the largest pool of leveraged exposure now sits on KuCoin, so liquidation cascades for this asset would hit that venue first and hardest.
Funding is negative across the board
Perpetual funding on TUT is negative on essentially every venue that reports it. The average sits at -0.023%, with Binance at -0.036%, Bybit at -0.046%, Bitget at -0.013% and MEXC at -0.036%. Negative funding means short positions pay long positions, which usually reflects a market where leverage is still tilted long and those longs are bleeding.
That combination matters. In a normal squeeze, funding turns sharply positive because aggressive longs bid it up. Here the opposite happened: price fell, funding went negative, and open interest collapsed. The derivatives book is not signaling a bottom, it is signaling a cleanup. A rally on top of this structure would need new money, and the current funding picture shows no sign of it yet.
What to watch next
The token is down 20% but still well above the lows of the week, so the question is whether the unwind is done. Two things would change the read: open interest stabilizing for 4-6 hours, which suggests leveraged sellers are exhausted, and funding flipping back to positive, which would show fresh long demand willing to pay for exposure.
Until either shows up, the path of least resistance remains lower, and any bounce should be treated as a retest of overhead supply rather than a reversal. The 24h range of roughly 29% between high and low is also a reminder of how violent single-asset leverage events can be.
Data as of 04:25 Beijing time, covering Binance, OKX, Bybit, Bitget, Hyperliquid, Gate, KuCoin, MEXC and other major exchanges.