USELESS -18% to $0.218: OI Sheds 16%, MEXC Adds 15%
USELESS gives back part of its squeeze run
USELESS traded at $0.2182 early Monday, down 18.2% over 24 hours after the token spent the previous two days grinding from $0.19 toward a $0.273 intraday peak. Binance quotes the last price at $0.21823 with the same 24h high of $0.27303, and OKX shows $0.21826 with a high of $0.27297, so the pullback is broad-based rather than a single venue anomaly. The move wipes out a chunk of the gains from the September 4 squeeze that took USELESS from $0.187 to $0.24 in one session.
Open interest sheds 15.9% to $98.6M
Derivatives tell the cleaner story. Aggregate open interest across 11 venues fell 15.9% in 24 hours to $98.6M, which points to leveraged longs closing rather than spot holders dumping. Bybit now carries the largest book at $25.48M after cutting 18.3%, while Binance trimmed 20.4% to $25.15M and OKX slashed 26% to $11.51M. KuCoin also shed 24.2%. Every major venue reduced exposure during the slide, a signature of a squeeze trade being unwound into strength.
MEXC adds while everyone else cuts
The exception sits in the middle of the table. MEXC lifted its USELESS open interest 15.3% over 24 hours and another 24.3% in the last four hours, taking its share to 15.2% of the total book, up from roughly 11% earlier in the cycle. That counter-flow is worth watching. One venue buying the dip while six others de-lever often marks the start of a rotation, though it can also be a leveraged catch of a falling knife if the spot bid does not follow.
Funding still positive after the fade
Perpetual funding has not flipped. The OI-weighted rate sits near +0.06%, with Binance at +0.056% and Bitget at +0.066%, so longs are still paying shorts even as the price falls. Positive funding during a pullback means the crowd has not given up on another leg higher, but it also keeps a ceiling on how far a bounce can run until either spot demand steps in or the rate compresses. The setup now hinges on whether USELESS holds the $0.205 area, the 24h low shared by Binance and OKX. A clean hold with MEXC keeping its bid would give dip buyers a reference level; a break would likely accelerate the OI unwind into the $0.19 zone.
Data as of 07:10 Beijing time on September 7, covering Binance, OKX, Bybit, Gate, Bitget, KuCoin, MEXC and other major perpetual venues.