Positions have nearly turned over a full cycle.
$ZEC Binance 1223, down 7.5% on the day, 8.6% off the high.
HL positions: about 558 million; daily volume: about 536 million; ratio: 0.96. Binance spot: about 256 million.
OKX long-side funding: about 0.005%; positions: about 134 million.
With a full turnover, they’re still paying funding—this can’t be explained by a low-volume grind down.
#ZEC结构 #Perpetual turnover
$ZEC Binance 1223, down 7.5% on the day, 8.6% off the high.
HL positions: about 558 million; daily volume: about 536 million; ratio: 0.96. Binance spot: about 256 million.
OKX long-side funding: about 0.005%; positions: about 134 million.
With a full turnover, they’re still paying funding—this can’t be explained by a low-volume grind down.
#ZEC结构 #Perpetual turnover
