Optimism’s OP Recovery Faces Test as Positioning Turns More Constructive

Optimism’s OP token rebounded after falling roughly 12% on Oct. 7, while derivatives indicators showed more constructive positioning without establishing that the recovery will continue.

A historical market reading put open interest at approximately $107.82 million, up 17.25%. Open interest measures the value of outstanding derivatives positions, but it does not show whether traders are net long or net short.

The funding rate was positive at 0.0096%. Under the standard perpetual-futures mechanism, that means traders holding long positions paid those holding short positions. Positive funding can indicate stronger demand for long exposure, but it can also reflect crowded positioning and increase reversal risk.

OP stood at $0.137 in the Oct. 10 daily UTC snapshot, compared with $0.1325 on Oct. 9 and $0.119 on Oct. 8. Those figures come from daily snapshots and do not establish the same percentage change as the shorter-term rebound calculation.

Optimism has also proposed using 50% of incoming Superchain revenue to buy back OP, starting in February. The proposal provides longer-term supply context but does not establish that it caused the October price move.

The available figures indicate more constructive positioning signals around OP. They do not confirm that derivatives activity caused the rebound or that the token will extend its gains.