$SNXX 24 hours rose 5.085%, and the price came to 13.64. But what I want to point out is that its perpetual contract funding rate is 0.
This is a typical “wait-and-see” situation. The price is rising, which suggests that the buy side is temporarily in a better position, but a zero funding rate means neither longs nor shorts are paying any additional cost for the move. On the order book, long and short forces are temporarily balanced—no one is willing to pay a premium to chase the rally or short it. At the same time, open interest is close to 1.916 million and hasn’t shown any dramatic changes. Taken together, this rally doesn’t look driven by manic sentiment or extremely crowded positioning.
This leads me to believe that $SNXX is currently in a mild upward probing phase, but it lacks new catalysts to break the stalemate between longs and shorts. The market seems to be waiting for a clearer signal—perhaps more data from the underlying itself, or maybe a sentiment resonance across the broader US stock sector on the whole chain.
If, in subsequent trading, $SNXX breaks above the previous high on increased volume and the funding rate turns positive, I would view that as a signal that the long side is starting to actively push. The risk on the other side is that if the price pulls back and falls below the recent consolidation low (around 12.8 as a reference), it could trigger watch-and-wait capital to exit, causing open interest to drop and weakening support.
So, for now, I choose to stay on the sidelines.
Trading tag: #TradFi #链上美股 #SNXX
Where do you think this assessment is most likely to be wrong?
This is a typical “wait-and-see” situation. The price is rising, which suggests that the buy side is temporarily in a better position, but a zero funding rate means neither longs nor shorts are paying any additional cost for the move. On the order book, long and short forces are temporarily balanced—no one is willing to pay a premium to chase the rally or short it. At the same time, open interest is close to 1.916 million and hasn’t shown any dramatic changes. Taken together, this rally doesn’t look driven by manic sentiment or extremely crowded positioning.
This leads me to believe that $SNXX is currently in a mild upward probing phase, but it lacks new catalysts to break the stalemate between longs and shorts. The market seems to be waiting for a clearer signal—perhaps more data from the underlying itself, or maybe a sentiment resonance across the broader US stock sector on the whole chain.
If, in subsequent trading, $SNXX breaks above the previous high on increased volume and the funding rate turns positive, I would view that as a signal that the long side is starting to actively push. The risk on the other side is that if the price pulls back and falls below the recent consolidation low (around 12.8 as a reference), it could trigger watch-and-wait capital to exit, causing open interest to drop and weakening support.
So, for now, I choose to stay on the sidelines.
Trading tag: #TradFi #链上美股 #SNXX
Where do you think this assessment is most likely to be wrong?