WTI Crude (CL) Jumps to $90.65: OI +49.8%, Funding Negative
CL, the WTI crude oil perpetual listed on Binance and OKX, climbed to $90.65 in the last 24 hours, up 5.2% while Bitcoin slipped toward $77,200. The contract touched a high of $90.95 and a low of $86.20, with 24-hour volume near $1.86 billion. Crypto majors traded lower across the board, but the oil-linked instrument went the other way. Binance and OKX both quote the same $90.65, so the move is not an artifact of thin liquidity on a single book.
Open interest jumps 49.8% to $207 million
Open interest on the contract rose to $206.7 million, up 49.8% in 24 hours. Whitebit holds the largest share at $64.2 million, followed by Bitget at $43.5 million and OKX at $42.3 million. Bybit added 79.5% to reach $29 million, and Gate grew 67.6% to $18.9 million. The build is broad, not concentrated on a single venue. KuCoin was the outlier, cutting its CL positions by 23.6%, which suggests some traders took profits into strength.
CL funding stays negative while price rises
Funding rates for CL remain negative across the board. Binance shows -0.0388% and the volume-weighted average sits at -0.0315%. On a rising market, negative funding means shorts pay longs to hold their positions. That dynamic usually appears when a move runs ahead of sentiment, and it can add fuel if the rally continues.
Why oil perps matter for crypto traders
CL is part of a growing family of commodity-linked perps listed on crypto exchanges, alongside gold, silver and copper contracts. Traders use them to hedge macro risk or to take directional views without leaving the derivatives ecosystem. The 49.8% OI jump shows demand for that exposure is rising even as crypto-native volumes cool.
Takeaway
The oil rally and the OI build point to real demand for commodity exposure inside crypto rails. Negative funding adds a twist: the move is being financed by shorts. Watch whether CL holds above $90 and whether funding flips positive, a sign the crowd turns one-sided. Data as of Beijing time September 2, 2026, covering Binance, OKX, Bybit, Gate, Bitget, Whitebit and other major venues.