Conclusion up front: this 15% surge in FET was lifted by spot, with leverage contributing hardly at all.
Over the past 24 hours, it’s been pulled from 0.173 up to a high of 0.209, and it’s around 0.203 now, tracking closely along the high. Total spot trading across the network is over $200 million—Binance alone accounts for $100 million.
The contract side is cold and quiet: among 17 exchanges’ fee schedules, 14 are pinned to the 0.01% benchmark line, so longs almost don’t need to pay extra fees. Total contract open interest across the whole network is $65 million—less than one-third of the spot daily trading volume.
The liquidation leaderboard is even more straightforward: in a coin that jumped 15% in a day, you can’t find it among the top fifteen. Neither longs nor shorts get aggressively wiped out.
The spot market行情 you bought has no leveraged bubble, and during pullbacks there is also no fuel for a chain-reaction liquidation. On the other hand, the day when the fee rate suddenly rises and open interest surges sharply is the signal to be careful.
$FET
Do you think this FET move is institutions building positions or retail investors chasing the trend?
Check in real time: https://www.coinboss.com/currencies/FET