Chainlink traded at $13.86 at 14:55 UTC on September 25, 2026, 11.2 percent higher than 24 hours earlier. The break above the September high of roughly $13.70 is real, and the figure most often quoted alongside it is a rise of about 25 percent in open interest. That number is currently being read as evidence of an overheated market. We therefore queried the derivatives data ourselves, and it does not support that reading: funding sits exactly at the baseline rate on both perpetual markets we were able to check.