Binance’s HAEDAL perpetual had turned over $62.9 million by 16:10 UTC on Tuesday, October 27, while the spot pair did $10.8 million. That is a ratio of about 5.8 to 1, and Haedal perp volume built most of it in three hours. Spot touched $0.03395 at 15:10 UTC, 59% above the day’s open of $0.02131. An hour later it was back at $0.02673.
Haedal perp volume ran five to seven times spot from 13:00 UTC
At 13:00 UTC the perpetual did $12.7 million against $1.77 million on spot, 7.2 times as much. The 14:00 hour was $18.8 million to $2.60 million, 7.2 times again. By 15:00 it was $21.8 million to $4.16 million, and the gap narrowed to 5.2 as spot caught up.
Haedal perp volume was small before this. On Sunday, October 25, spot turned over $0.27 million. Monday’s figures were $7.19 million on the perpetual and $1.91 million on spot, with HAEDAL up 9.9% on the day, from $0.01940 to $0.02132. Today’s spot total is about 40 times Sunday’s and 5.6 times Monday’s. Spot had also crept higher since 08:00 UTC, from $0.02264 to $0.02419 at the close of the 11:00 candle, before the volume showed up.
No dated project announcement matches the 13:00 to 15:00 window. Haedal’s X account last posted on October 26 at 09:14 UTC, about AI agents and private data, and its October 25 and 23 posts were community messages. The cause of the Haedal perp volume burst is unexplained. A similar imbalance turned up in our AVA piece, where the perpetual ran 5 to 9 times spot.
Shorts leaned in while open interest gave back a fifth
Monday evening’s 20:00 UTC reading for the perpetual’s open interest was $2.35 million, and Tuesday noon showed $3.04 million. After that it climbed hour by hour: $3.41 million, $4.33 million, and a peak of $5.55 million at 15:00 UTC. The 16:00 reading was $4.76 million. A few minutes later the live figure was about $4.54 million, which is 170.1 million contracts at a $0.02671 mark price. From the peak, that is nearly a fifth gone.
Funding tells the same story from the other side. The 08:00 UTC settlement was +0.005%, the 12:00 one was close to flat, and at 16:00 it printed -0.032%. At -0.032% it is the shorts who pay, so traders were leaning that way as price came off its high. Settlements come every four hours, so each number is a snapshot.
Away from the perpetual, CoinGecko lists a market cap near $5.3 million, with 195 million of 1 billion tokens circulating. Binance carries 33% of reported volume and Bithumb 10.4%. Sui, the chain Haedal is built on, barely moved: SUI was up 0.4% over 24 hours on Binance and WAL 1.4%.
HAEDAL levels after the spike
Hourly RSI(14) peaked above 80 in the 15:00 candle and read 64.9 at 16:11 UTC. The token opened the week near $0.0180 and has stepped up from its October 22 low of $0.01762. Binance’s perpetual data has HAEDAL above its 20-day high, which it classes as a breakout state.
Price was $0.02743 on the last perpetual candle used here, the one stamped 16:00 UTC. Bulls need an hourly close over $0.03389, the day’s high, which would carry price past the spike. A slip back below $0.03372 cancels that. Bears need an hourly close under $0.02397, last month’s high; that opens $0.02271 and then $0.02104, and a return above $0.02409 cancels it. Whether the volume comes back is not something these numbers can say. The live contract is on Binance Futures.
Even after today, HAEDAL trades about 91% below its all-time high of $0.3003 from July 16, 2025, and its low is $0.01410 from July 29, 2026.
