MYX Network (MYX), a decentralized perpetual exchange protocol on BNB Chain, has rallied sharply since the start of the month. The token is up about 390% this week and almost 1,300% since 1 Sept, exceeding $18 on Wednesday. Circulating market capitalization has expanded to about $3.5 billion (FDV: $18.1B), compared with $178 million on 1 Sept.
Derivatives Frenzy Pushes MYX Above $18 Amid WLFI Linked Catalysts
12 September 2025 - 16:44 CEST
The move appears to have been catalyzed by the 5 Sept listing of WLFI, a Trump-backed token. Over the first three days of this week through Wednesday's peak, MYX token has generated more than $22 billion in volume through perpetual contracts, compared with just $81 million in spot markets. For comparison, Bitcoin traded $135 billion in futures volume in the same period. MYX spot figure remains limited by the token’s availability only on smaller venues and on-chain exchanges.
Open interest increased sharply, from $73 million on 7 Sept to $299 million on 9 Sept. Despite the price surge, funding rates turned negative, even down as much as -10%, indicating traders are positioning for a reversal.
MYX was trading close to $17 as at 14:35 UTC on Friday, recovering after shedding more than 20% the day before.
