MEXC Retail Longs Pay 3x OKX Funding as BTC Book Splits

BTC perp funding is splitting cleanly by venue. Both exchanges lean bullish in direction, but the magnitude gap is wide:

Exchange	Rate	Annualized	14d Percentile
OKX	0.0033%	3.62%	45.6
MEXC	0.0100%	10.95%	96.6
Consensus	0.0067%	7.29%	71.1

MEXC longs are effectively paying triple the OKX rate to stay positioned, and MEXC's percentile reading sits near the top of its own 14-day range — a venue-specific crowding signal rather than a market-wide one. OKX, the deeper institutional book, shows funding closer to its median and perp OI actually down 0.91% over 24h, suggesting deleveraging rather than fresh long-chasing on that side.

Underneath the funding split, spot ($62,415) sits just above the BTC gamma flip (~$61,258), with dealer gamma exposure still net negative and the composite regime reading UNSTABLE — dealer hedging direction is not settled this close to the flip. A 24h liquidation scan shows one cluster of ~$320k in long liquidations, consistent with leveraged longs getting flushed on the more aggressive side of the book rather than broad market stress.

The divergence reads as retail leverage concentrated on MEXC against a calmer, deleveraging OKX book.