SKL’s 24-hour gains are still widening, but short-term volume is not expanding steadily in one direction. Public Binance data at 13:36 (UTC+8) showed $SKL spot at 0.005160, up 14.92%, and perpetuals at 0.005117, up 14.22%, with both markets moving in the same direction.
Over the previous full hour, spot and perpetuals rose 2.77% and 2.17%, respectively, while trading value increased 180.04% and 185.90% from the prior hour. Over the latest four complete hours, prices on both sides were still up about 2.6%, but perpetual and spot trading values were only 79.63% and 64.82% of those in the preceding four hours. Hourly acceleration has appeared, but mid-term volume has yet to confirm it.
⚠️ Open interest rose 4.21% in the past hour and 70.80% cumulatively over the 30-point window. The indicated funding rate is -0.2635%, while the latest actual settlement was -0.2071%. Deeply negative funding alongside expanding positions at elevated levels could amplify a short squeeze, but also raises the risk of a reversal driven by deleveraging.
Perpetuals are currently 0.23% below the close of the previous completed hour. I would only view the trend as continuing if the next completed hour closes above 0.005319 and both volume and open interest keep expanding. If price falls below 0.004980 while open interest contracts, that would suggest crowded positions are starting to unwind, so guard against a pullback.
Over the previous full hour, spot and perpetuals rose 2.77% and 2.17%, respectively, while trading value increased 180.04% and 185.90% from the prior hour. Over the latest four complete hours, prices on both sides were still up about 2.6%, but perpetual and spot trading values were only 79.63% and 64.82% of those in the preceding four hours. Hourly acceleration has appeared, but mid-term volume has yet to confirm it.
⚠️ Open interest rose 4.21% in the past hour and 70.80% cumulatively over the 30-point window. The indicated funding rate is -0.2635%, while the latest actual settlement was -0.2071%. Deeply negative funding alongside expanding positions at elevated levels could amplify a short squeeze, but also raises the risk of a reversal driven by deleveraging.
Perpetuals are currently 0.23% below the close of the previous completed hour. I would only view the trend as continuing if the next completed hour closes above 0.005319 and both volume and open interest keep expanding. If price falls below 0.004980 while open interest contracts, that would suggest crowded positions are starting to unwind, so guard against a pullback.