$INIT's #Binance perp fell 54% in 24 hours even as the cost of staying short came down. On Nov 11, hourly funding settled at -1.6661% at 06:00 UTC and -0.0749% at 17:00 UTC.
Shorts were still paying longs, just a lot less. The 54% drop is from the 18:55 UTC snapshot.
#Initia halted its chain on Nov 10, and a public node still showed the same last block. Funding tells you what it costs to hold the perp. It won't tell you when coins on the chain can reach exchange order books.
Once deposits are processing normally, watch the spot-perp spread and whether spot bids absorb any extra selling.
Shorts were still paying longs, just a lot less. The 54% drop is from the 18:55 UTC snapshot.
#Initia halted its chain on Nov 10, and a public node still showed the same last block. Funding tells you what it costs to hold the perp. It won't tell you when coins on the chain can reach exchange order books.
Once deposits are processing normally, watch the spot-perp spread and whether spot bids absorb any extra selling.
