$COHR reports 286.87, up 1.75% in the past 24 hours. The funding rate has been precisely reduced to zero; the position size is 28,308.
A zero funding rate means there is no funding flow between longs and shorts. The price has risen, but longs don’t have to pay costs to shorts—this doesn’t look like a typical chase-up structure. More likely, spot markets are driving the move, or leveraged positions haven’t yet formed a consensus on direction.
For a semiconductor-related asset in TradFi perps, having a zero funding rate is actually a rare, “clean” state. There isn’t a crowd of longs paying interest to each other, and there’s no forced realization of losses by shorts. With an OI of 28,308, volume at 1.92 million, and turnover not being particularly intense, the chips are temporarily stable.
The strongest counterargument: if I’m wrong and interpret the zero rate as balance, then actually the shorts are holding back a big move. In that case, the rate should quickly turn negative next, with OI rising in sync, putting pressure on the price. If these two signals appear together, they would overturn my view.
Looking at a single signal, the current area is slightly neutral. If the rate turns positive from zero, I’ll go long; if it turns negative while OI expands, I’ll flip. For now, I won’t act.
Trading tag:
#TradFi #链上美股 #COHR
Where do you think this thesis is most likely to be wrong?