Conclusion first: MAGIC is up 16% in a day, and yet the rates across 9 exchanges are all negative—shorts are currently hard-carrying by paying money out of pocket.
Binance and OKX current prices are both around 0.0613 USD. In the past 24 hours they’re up about 16%; the high is 0.0627 and the low is 0.0519. The two prices are basically tracking each other.
Both Binance and Bybit rates are about -0.067% every 4 hours; annualized, that’s roughly an implied ~148% with a negative cost (you effectively get paid). For Gate every 8 hours it’s -0.104%. The longer the short position is held without closing, the higher the cost.
But among the 47,000 USD liquidations in 24 hours, longs account for 72%, and chasing into high-priced positions is actually the first to get wiped. The open interest increased by 72.5% in a day to 8.31 million USD; leverage is being built back up. If you continue to add positions, watch out for possible fee-rate reversals.
$MAGIC $BTC
The shorts are paying to enter and still won’t leave—do you think MAGIC can keep surging?
Check in real time: https://www.coinboss.com/zh/funding-rate