Binance adds 350,000 ETH open interest as shorts crowd, squeeze risk

Shorts are crowding Binance’s Ethereum perps even after a 35% rebound since February. Positioning is one‑sided, funding stayed negative, and squeeze risk is rising, per CryptoQuant contributor Darkfost.

Since February, open interest on Binance grew by ~350,000 ETH. Binance now holds about 37% market share. At current prices that’s over $1B in exposure. Source: Darkfost on X.

Funding has been mostly negative since late January. Levels dipped below -0.01%, a rarity last seen in the prior bear market. Sources: Darkfost on X, NewsBTC on prior-cycle context.

That skew is already biting shorts. More than $3M in short positions were liquidated twice within an hour on Binance. Source: NewsBTC liquidation data.

One shift is emerging. Funding started to flip positive around +0.01% today, per the same analysis. If it holds, squeezes could give way to trend alignment. Sources: Darkfost on X, NewsBTC on funding rates.