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Hello, this is Derivative Fox. Today, September 7, 2026, I would like to delve into an in-depth analysis of the heated movements in the Binance USDT-M futures market. Currently, the cryptocurrency market shows a relatively stable outlook with Bitcoin firmly defending the $80,000 mark, but overall investor sentiment remains in the 'Greed' zone. In this environment, the individual strength of altcoins is particularly prominent. Macroeconomic indicators, such as the US 10-year Treasury yield recording 4.77%, still imply high volatility, making it crucial to closely examine the position structure of the futures market.
Today, in the Binance USDT-M futures market, several altcoins recorded double-digit gains, capturing the attention of investors. This can be interpreted as reflecting the overall market sentiment that capital inflow into altcoins is accelerating compared to Bitcoin. However, the surge in individual assets is likely due to a complex interplay of various factors, such as new long position inflows, short position liquidations, or temporary volatility expansion due to low liquidity. Now, let's identify the characteristics of the major rising assets and predict their future movements.
RAYSOLUSDT showed the highest volatility, recording a whopping +41.51% increase in the last 24 hours. The 24-hour trading volume was a substantial $457.3 million, but the Open Interest (OI) remained relatively low at $8.2 million. Notably, the funding rate recorded -0.01%, staying in negative territory. This means short position traders are paying funding fees to long position traders, suggesting that market participants tend to bet on a decline rather than further upside, or that short position liquidations occurred due to the rapid rise.
Looking at the daily chart, on September 6, there was a record-breaking increase of +41.17% with an explosive increase in trading volume to $456.8 million. However, today, September 7, the price change is a meager +0.03%, and trading volume has plummeted to $525,000. This indicates that the short-term overheated buying interest has subsided, or that short position liquidations have concluded, entering a temporary breather period.
DOODUSDT recorded an impressive gain of +30.61%. What stands out is the massive Open Interest (OI) of $240 million along with a very high funding rate of +0.05%. This implies an excessive concentration of long positions in the market, with long position traders paying significant funding fees to short position traders. Such a high funding rate can be interpreted as a potential warning sign for a long squeeze or price retracement.
The daily chart shows a sharp rise of +30.34% on September 6 with a trading volume of $51.3 million. As of September 7, it shows a sideways movement with a meager +0.10% increase and a low trading volume of $63,000. It is possible that the buying momentum that drove the price increase has temporarily weakened, and due to the high funding rate, a more cautious approach is needed for new long position entries.
NAORISUSDT recorded a +29.77% increase, maintaining a relatively solid upward trend. The Open Interest (OI) of $142.3 million and a funding rate of +0.01% indicate a situation where long positions are dominant. However, it is not as extreme as DOODUSDT.
Daily data shows strong consecutive increases on September 5 (+20.91%) and September 6 (+29.99%), with trading volume also increasing from $10.8 million to $20.4 million. This suggests the possibility of new long position inflows forming a trend. Today, September 7, it is experiencing a short-term correction with a slight decrease of -0.15% and extremely low trading volume of $10,000. Such a decrease in trading volume could signify a temporary slowdown in buying momentum.
JUPUSDT rose +24.48%, ranking among the top gainers. A 24-hour trading volume of $122.3 million, Open Interest (OI) of $78.6 million, and a funding rate of +0.01% suggest that long positions drove the increase.
Looking at the daily chart over the past 7 days, on September 6, there was a sharp increase of +25.39% with a significant increase in trading volume to $122.0 million. However, today, September 7, it shows a weakened upward momentum with a slight decrease of -0.69% and a very low trading volume of $273,000. This can be interpreted as short-term profit-taking by long positions or a slowdown in new buying interest.
ZECUSDT showed strong performance with a +19.57% increase. The 24-hour trading volume is very high at $400 million, but the Open Interest (OI) is considerably low at $577,000. Such high trading volume, low OI, and a funding rate of +0.01% strongly suggest the possibility of a typical short squeeze phenomenon. News headlines indicating that Zcash (ZEC) short positions were devastated also support this analysis.
The daily chart shows continuous strong increases from September 3 (+16.77%) to September 6 (+19.63%), with trading volume also steadily increasing from $220 million to $400 million. This appears to be due to a chain reaction of forced liquidations of short positions driving up the price. Today, September 7, with a slight decrease of -0.01% and a low trading volume of $1.4 million, the intensity of the short squeeze is judged to have weakened for now. However, since many short positions may have already been liquidated, additional short squeeze momentum might be limited.
METISUSDT shows low Open Interest and negative funding rates, similar to RAYSOLUSDT, indicating a short-term surge driven by short liquidation or caution against short entry. SOLVUSDT and XANUSDT appear to be trend-driven increases with dominant long positions due to high Open Interest and positive funding rates, but caution against overheating is needed. FLOCKUSDT and UAIUSDT also show increasing Open Interest with positive funding rates, suggesting the possibility of forming an uptrend led by long positions.
Today's major rising altcoins in the Binance futures market primarily exhibited strong volatility due to short-term long position inflows or short squeezes. Especially for assets with high funding rates and Open Interest, it is time to be cautious of the risk of retracement due to long position overcrowding. Conversely, assets showing low Open Interest relative to trading volume and negative funding rates are likely experiencing temporary rebounds due to short position liquidations.