26

26% increase, but the funding rate is negative?

FLOCK rose to 0.05071 today, with trading volume of 44.2 million U, but the funding rate is -0.0125%.
This means shorts are still paying longs—the price is surging, yet no one believes it can last.

The hourly chart has closed green for three straight candles, with longs accounting for 57%, but the negative funding rate shows shorts are still holding on.
This kind of divergence usually appears in the early stage of a move: some traders are already in, while others insist it "will drop back."

The key is whether trading volume can be sustained. If volume keeps expanding, shorts may be forced to cover, accelerating the rally.

$FLOCK #资金费率背离 #26%
Click the small card below to quickly check the market 👇

$AIOT Something feels off with this 15m move—the price is down 1.69%, but volume is 2.23 times the norm. Net taker flow is -27.9%, the buy/sell ratio is 0.56, and selling pressure is clear. The key is that OI is still edging up: +0.22% over 1h, with an anomaly percentile of 87.3%, ranking #26 across the entire pool. This looks more like new shorts adding leverage than old longs giving up and exiting. The price has already broken below the lows of the last 20 5m candles. 24h trading volume is 21M, and the order book isn't very deep, so chasing shorts here could get you burned by a rebound. I'll first see whether this wave of new shorts can hold; let's talk once the price stabilizes below the lows.

$PENGU This is getting interesting. The 15m price is down just 0.22%, while volume has expanded to 2.86x and OI is edging up—a falling price with rising open interest looks more like new shorts entering than longs closing. Aggressive trade delta is -66.5%, with a buy/sell ratio of 0.20, showing clearly one-sided selling pressure. The 5m Binance Futures liquidation proxy is 213K USDT, concentrated on the sell side. 24h trading volume is 20.83M, and depth confirms volume is above normal and has reached the edge of the recent price range. Ranked #30 across the full pool for anomalies and #26 for notional change, it’s not right at the top but is high enough to watch for continuation.

$PIEVERSE These 15 minutes were something else: volume shot up to 3.57× normal, Z-score hit 5.49, and price climbed 1.92%, closing above the upper end of the last 20 5m ranges.

OI was up 0.21% over 1h, with notional up +259K. Price rose as OI increased, which structurally looks more like new leveraged longs entering than hollow short covering. The anomaly percentile was 95.4%, ranking #4 across the whole pool; notional change ranked #26, and depth kept pace.

The taker volume imbalance was 7.3%, with a buy/sell ratio of 1.16—bullish, but not extreme. 24h trading volume was only 6.79M, so the pool isn't very deep. Be cautious chasing at this level, or a wick might teach you a lesson.

$IDOL This 15m move was pretty clean: up 2.92%, breaking straight above the highs of the last 20 5m candles, with volume surging to 2.53x. The buy/sell ratio was 1.25 and the aggressive trade imbalance was 10.9%—buyers are genuinely absorbing the supply.

OI rose slightly by 0.12% over 15m, with a notional change of 278K and an anomaly percentile of 72%, ranking #26 across the entire pool. Price up + OI up: structurally, this looks more like new leveraged longs entering.

But 1h OI is still down 0.02%, suggesting this wasn’t driven by steady position-building all the way up. It looks more like some traders jumped in just as price broke above the range boundary.

24h trading volume is 118M, and depth is decent. Now it’s all about whether price can hold above this level; if it can’t, this could be a bull trap on a false breakout. $IDOL

$牛 has rallied pretty sharply over the past 15m, surging +4.99% straight through the upper range of the last ~20 5m candles. Volume hit 3.55x its usual level, the buy/sell ratio was 1.74, and aggressive trade flow was 27% net positive—clearly, someone was in a hurry to sweep prices higher.

But OI is interesting here: while price rose, 1h OI actually fell 1.67%, and 15m OI also edged down. This doesn’t look like a move driven by new longs entering; it looks more like shorts were squeezed into covering and positions were forced to close. In other words, the “fuel” for this rally wasn’t fresh capital, but short sellers’ stop-loss orders.

The anomaly percentile is 97.8%, it ranks #35 for anomalies across the entire pool, and #26 for notional change. The funding rate has also climbed to a high percentile relative to recent levels. Taken together, these signals show that short-term sentiment is already running hot.

Be careful chasing this kind of setup: when a rally is driven by short covering, once the covering is over, it’s not clear who will take over. Either wait for OI to recover and confirm that longs are genuinely entering, or treat this as a burst of sentiment and don’t mistake a rebound for a reversal. For now, I’d rather wait and see if it cools off.

$ESPORTS This move was pretty decisive: +2.99% in 15m, with volume reaching 2.31x normal, and the close above the upper end of the last 20 5m candles. The key is that OI rose along with it: 1h contracts were up 0.47%, with notional increasing by 253K. This looks more like new longs entering with leverage than a quick short-covering move. Aggressive trade delta was 15%, and the buy/sell ratio was 1.35, so buyers are definitely chasing. 24h trading volume is over 400 million, with decent depth. The pool's notional change ranks #26—not a huge move, but the direction is pretty clear. Let's see whether this move can hold above the breakout level.

The bulls took a pretty decisive hit this time: price dumped 1.4% in 15m, volume surged to 2.22x, and the close broke below the lows of nearly 20 recent 5m candles. But looking at OI, it was down just 0.39% over 1h, with notional change of only a little over 400K U—this doesn’t look like shorts piling in heavily, but more like longs deleveraging and stop-losses getting triggered. Taker flow was -21.7%, and the buy/sell ratio was 0.64, so selling pressure clearly had the upper hand. Funding rates are still in a high percentile for the recent period, suggesting longs had been pretty crowded. The whole-pool anomaly #26 isn’t the most eye-catching, but declines accompanied by falling OI often don’t go very deep. First, let’s see if price can reclaim the bottom of the range.

$ESPORTS rose 6.49% over 15m, but OI fell instead—down 1.83% over 15m and 1.78% over 1h. Price up, open interest down: a classic short-covering rally, not fresh longs entering. Volume was 1.93x above normal, and the taker buy/sell ratio was 1.15, indicating genuine buying pressure—but positions are being reduced, suggesting shorts are being forced to close. 24h trading volume was 774M, with sufficient liquidity. The anomaly percentile was 79.2%, ranking #26 across the pool and #7 in nominal change, so this move is among the more significant ones in the pool. In the short term, the short covering may not be over, but if OI keeps falling, the momentum behind any further rally is questionable. Be cautious about chasing the price; wait for a pullback and confirmation.

$PUMP 15m just closed above the upper boundary of the recent 20-bar 5m range, with volume at 1.57x, a Z-score of 2.04, and price up 0.71%. OI is also edging up on the 1h timeframe, ranking #26 across the entire pool for notional change. Structurally, price and OI are both rising, indicating new leveraged longs entering, but aggressive trade flow is flat at -0.0%, with a buy/sell ratio of 1.00, so buyers have yet to gain the upper hand in aggressive trading. Funding rates have recently been in a high percentile, suggesting overheated short-term sentiment. First, watch whether price can hold above this breakout level; if chasing, be mindful of crowded leverage.

$INJ This move is interesting: the price fell 1.64%, but OI is rising instead, with 15m contracts up 0.12% and 1h up 0.26%. Notional change is negative, though, at -285K USDT. Price down + OI up is a classic sign of new leveraged shorts entering, not existing shorts adding to their positions.

Volume is 1.59x, volatility Z is 3.64, and activity has definitely picked up. The closing price fell below the lower bound of the recent 20-bar 5m K range. Aggressive trade imbalance is -39.8%, and the buy/sell ratio is 0.43, showing clearly one-sided selling pressure.

The anomaly percentile is 81.3%, ranking #23 across the entire pool; notional change ranks #26. That puts it near the top, but it is not extreme. 24h trading volume is 122.99M, and liquidity is decent.

Structurally, bears are actively pressing, but notional OI change is negative, which indicates that some existing positions are being closed. With new shorts entering and old positions being closed, this kind of turnover structure could lead to another leg down if the price cannot quickly reclaim the lower bound of the range. However, with the anomaly at the 81st percentile, the risk-reward of chasing shorts is less attractive.

STRK had a rough 15 minutes: volume surged to 14.9 times normal, while the price fell just 1.6%. But OI tells the real story: down 3.26% in 15 minutes and 3.75% in an hour, with notional value dropping by more than $2 million. This is a classic case of longs getting flushed out, with stop-loss orders triggering in succession—not new shorts opening positions.

The taker flow imbalance was -31.6%, and the buy/sell ratio was 0.52, showing that selling pressure is in control. The OI anomaly percentile hit 100%, ranking #26 across the entire pool. It has continued over several consecutive periods, so this isn't noise—it's real deleveraging.

Price down + OI down means positions are contracting, rather than shorts building positions. 24-hour trading volume is $44M, so liquidity isn't particularly deep. An OI contraction of this scale is worth watching to see whether a rebound follows, but don't rush to buy the dip: leveraged positions often aren't flushed out in a single candle.

$INIT is up 3.95% in this 15m move—there's something to it. OI is up 0.97% over 1h and 0.23% over 15m, suggesting new leveraged longs are entering rather than shorts covering. The active trade delta is 8.8%, and the buy/sell ratio is 1.19, so buyers are driving the move. Price just broke above the range high of the last 20 5m candles, with volume at 1.5x and an anomaly percentile of 84.1%, ranking #26 across the whole pool. The funding rate is already at a recent high percentile, so chasing longs isn't cheap. Better wait for a pullback and confirmation.

$BTW 's rally is looking interesting: it's up 2.72% over 15m, with volume rising to 1.84x, and price breaking straight above the highs of the last 20 or so 5m candles. But OI is moving the other way, down 0.15% over 15m and 0.50% over 1h, while nominal change is still positive. Price up, open interest down—a classic short-covering setup, not a move driven by new longs entering. The taker volume delta is 7.4%, and the buy/sell ratio is 1.16, so buyers are indeed outweighing sellers. But without added positions to support the move, the breakout's staying power is questionable. It ranks #26 across the full pool for nominal change, with an anomaly percentile of 56.5%. Liquidity is solid, and 24h trading volume is over 300 million. Still, since this move is driven by position covering, be careful about chasing it—better to wait for a pullback and confirmation.

$PUMP This 15m candle saw volume surge to 2.77x before price was dumped, with price falling 0.77%, but OI dropped just 0.08%, or only -570k U notional. Volume was anomalous, but there was no major deleveraging, so this looks more like longs stopping out and reducing leverage than new shorts entering. The taker trade imbalance was -33.5%, and the buy/sell ratio was 0.5, showing clear selling pressure, though order book depth is still holding up. The close below the lower bound of the 20-bar 5m range is a signal, but with the OI anomaly at the 83.7th percentile and ranked #26 across the full pool, this is a high-quality event worth watching to see whether price can reclaim that lower bound. 24h volume is 100M U, so liquidity is sufficient—don't rush to chase shorts.

$ERA has a pretty clean setup here—the price rose 1.24% over 15m, while OI was up 2.08% over 15m and 3.38% over 1h. Both timeframes are rising in a row, which suggests this isn't just a brief emotional spike; new leveraged longs are genuinely entering. The buy/sell ratio of 1.16 and a 7.4% positive taker flow are also pointing up. Volume at 1.45x isn't explosive, but the signals are aligned.

The OI anomaly percentile is 92.1%, ranking #19 across the entire pool, while notional change ranks #26. A move sustained across several consecutive timeframes is much more reliable than an anomaly that only pops up for an hour. With 24h trading volume of 139 million, the pool is deep enough; a notional change of 282K reaching this percentile suggests the positioning structure is quite sensitive.

With price, volume, and OI all moving in sync like this, I lean toward someone positioning early rather than chasing the rally. Of course, once leveraged longs start piling in, that cuts both ways—just keep an eye on OI and make sure it doesn't start accelerating further.

$STRK This 15m move looks a bit off. A 1.67% price drop isn't much, but volume has surged to 7.69x, the taker volume imbalance is -30.6%, and the buy/sell ratio is 0.53—sellers are aggressively hitting the market. The key is that OI is still rising: +0.19% over 1h, at the 90.5th anomaly percentile and ranked #26 across the entire pool. This doesn't look like longs capitulating; it looks more like new leveraged shorts entering. Price has just broken below the lower bound of the recent 20-bar 5m range, and the funding rate is also at a recent high percentile. Shorting costs aren't low, yet they're still adding—which suggests someone is confident they can push prices lower. The depth signals all line up too: volume is above normal, price has touched the range boundary, and taker flow is bearish. I won't jump in just yet. I'll wait and see whether these leveraged shorts keep adding or get squeezed by a rebound.

$KAT has something going on here. It’s up 1.99% over 15m, which doesn’t look especially dramatic, but OI is rising along with price: +1.32% over 15m and +3.60% over 1h. It’s been increasing for several consecutive periods, which looks more like new leveraged longs entering than a short squeeze.

Price closed above the top of the past 20 five-minute range, volume is 2x normal, the taker buy/sell ratio is 1.32, and the taker volume delta is 13.7%—the directional bias is pretty clear. The funding rate is also at a recent high percentile, and the OI anomaly percentile is 88.3%, ranking #26 across the full pool.

The setup looks good, but be cautious about chasing at this level: funding isn’t low and leverage is piling up. If aggressive buying dries up, the pullback could come quickly. I’ll keep an eye on it and see whether it can hold above the top of this range.

There’s something interesting about $IN . The price is inching up, gaining 1.13% over 15m. Volume hasn’t really picked up, though—just 0.65x—while OI is up a full 1.81% over 15m and 1.58% over 1h. Its notional change ranks #26 across the entire pool. Leverage is rising before volume does—a classic sign of incremental longs quietly building positions.

Funding rates have also surged to a high percentile recently. Aggressive trade flow is up 9.5%, and the buy/sell ratio is 1.21, so bullish sentiment is holding up. But this kind of setup is most vulnerable when volume can’t keep pace and leverage is propping up the price. If funding keeps climbing and OI gets stretched to its limit, there’s a decent chance of a sharp move in the opposite direction that shakes out a wave of longs.

Don’t chase it. First, watch whether spot volume can absorb this OI buildup.