Why is API3 (API3) up 11.34% Today, October 7, 2026? Compound Governance Exposure and Rising Open Interest Support Gains

API3 outperformed a broadly weaker crypto tape, rising 11.34% alongside unusually heavy turnover (volume ~2.35x market cap). Derivatives data show deeply negative perpetual funding (~-0.73%) and an ~81% rise in open interest, indicating growing leveraged short exposure that can intensify short-term volatility via short-covering dynamics. A separate catalyst is visibility from a Compound governance vote involving the dCOMP wrapper, reinforcing attention on API3's oracle infrastructure.