Sunday midday—the same Layer 2 space, but the books are already arguing: one just climbed about 3.4% today, yet the long side isn’t crowded, and traders are collecting subsidies from negative funding.
$ARB: up about 3.4% over the day and about 3.4% over the week, currently around 0.17. Account long/short ratio around 1.36 (about 58% long), funding rate around −0.012%/8h, OI around +2.1%. Price is climbing, longs aren’t packed in, and traders are even getting paid through negative funding—don’t take 0.17 as confirmation of a broad L2 recovery.
Meanwhile, $STRK is down about 3.8% over the day and about 11% over the week, with longs at around 58%, a funding rate around +0.005%/8h, and OI around +3.2%. The positioning is about the same, but the direction is the opposite.
One is turning green and collecting subsidies from negative funding; the other is falling and paying rent. Do you think this is capital changing seats, or weekend liquidity picking winners? Share a counterexample in the comments.
#midnovembermarket
$ARB: up about 3.4% over the day and about 3.4% over the week, currently around 0.17. Account long/short ratio around 1.36 (about 58% long), funding rate around −0.012%/8h, OI around +2.1%. Price is climbing, longs aren’t packed in, and traders are even getting paid through negative funding—don’t take 0.17 as confirmation of a broad L2 recovery.
Meanwhile, $STRK is down about 3.8% over the day and about 11% over the week, with longs at around 58%, a funding rate around +0.005%/8h, and OI around +3.2%. The positioning is about the same, but the direction is the opposite.
One is turning green and collecting subsidies from negative funding; the other is falling and paying rent. Do you think this is capital changing seats, or weekend liquidity picking winners? Share a counterexample in the comments.
#midnovembermarket
