AI Crypto Coins Under Suspicion As Perp Price Action Raises Manipulation Fears

Key Insights:

• In the AI crypto segment, SWARMS funding rose to 0.098%, and GMX has flipped positive, showing leveraged longs and short covering are driving the rally.
• Liquidation maps reveal $3.04 million in GMX shorts above $23, while SWARMS has heavy long stops between $0.017 and $0.023 that could be targeted.
• Spot flows of AI crypto coins diverge with SWARMS seeing strong outflows that reduce selling pressure, but GMX’s $75,800 inflow signals potential sell or hedge activity ahead.

The AI crypto segment is in the limelight, making big moves again, but most of the action is coming from perpetual futures (perps) instead of regular spot trading.

Many smaller and mid-sized AI coins are showing strong gains in perps. Some up double digits in a day, while spot markets look much quieter.

This gap often happens during planned or “manufactured” price squeezes. Here’s what the charts are showing

Perps Are Driving the AI Crypto Rally

On SWARMS, the funding rate for perpetual contracts has jumped to about 0.098% while the price trades near $0.028.

A high funding rate means traders holding long positions are paying extra to keep them open. This usually happens when there are a lot of leveraged longs trying to push prices higher.

If the price of the AI crypto keeps climbing, they’re fine, but if it slows down, these traders can get into trouble fast because holding the trade costs them more.

GMX looks different. Its funding rate is only slightly positive (near 0.006%) after being negative for a long time. This means the market has shifted from being packed with shorts to being more balanced.

Meanwhile, open interest, the total number of outstanding futures contracts, has dropped almost everywhere in the past 24 hours: down 9.9% on Binance, 15.4% on OKX, and 40.6% on KuCoin.

A falling open interest while the price rises often means short positions are being closed (short covering) rather than new money coming in through spot buying.

In short, SWARMS is crowded with longs, while GMX’s recent move looks more like shorts covering than real buying.

Liquidation Maps Show Where Traders Could Get Trapped

Liquidation maps for the AI crypto players show where traders will be forced to close positions if the price hits certain levels.

For GMX, the 30-day map shows about $3.04 million worth of short positions sitting between $23 and $26. With GMX now near $18, if the price moves up into that zone, many shorts will be forced to buy back, which could push the price even higher for a short time.

SWARMS is set up differently. Its price is around $0.0258. Below that, there’s about $5.57 million worth of long positions between $0.017 and $0.023.

Above the price, about $3 million in short positions sit between $0.03 and $0.036. This means the price of the AI coin could first be pushed up to clear out shorts, then pulled down to hit those long stops.

This is the same kind of “liquidity hunt” traders complain about: big players move the price in thin markets to trigger stop losses on one side, attract momentum buyers, then reverse it to profit in the other direction.

Spot Flows Are Not Backing the AI Coin Rally

Spot trading shows whether real coins are moving between wallets and exchanges. On SWARMS, the weekly net flow is deep red, meaning coins are leaving exchanges. This usually reduces near-term selling pressure.

GMX is different; after months of coins moving out, it saw about $75,800 in inflows this week. This doesn’t always mean buyers are stepping in. Often, it indicates that traders are sending coins to exchanges to sell or hedge.

So here’s the bigger picture:

• SWARMS funding rates are high, showing lots of longs.
• GMX price is rising while open interest is falling, showing shorts are covering.
• Liquidation walls on both coins give traders an incentive to push the price toward those zones.

None of these points to strong demand in spot trading. Instead, it suggests the rally is being driven mostly by leverage in perps.

What To Watch Next as a Trader

If you’re trading AI crypto tokens right now, you’ll want to keep a close eye on a few things.

Watch the funding rates first. If SWARMS’ rate stays high while the price stops climbing, it means longs are paying a lot to hold their positions, and they might exit quickly if the market turns.

For GMX and any other AI coin, pay attention to open interest. If the price keeps going up but open interest keeps dropping, it’s more likely that shorts are closing rather than new buyers stepping in.

Exchange flows matter too. Large inflows often mean coins are being moved to exchanges to sell, which can add selling pressure.

Finally, the liquidation zones are key for these AI crypto tokens. If GMX climbs into the $23–$26 range, it could trigger a quick short squeeze before cooling off. If SWARMS pushes up to the $0.03–$0.036 area, there’s a good chance it could reverse toward $0.02–$0.023 once the stops below get targeted.