First, $AKE . This rally is a bit of a surprise: +10.54%, while open interest is up only 3.46%. The funding rate is +0.0338% on a 4-hour interval, equivalent to just +0.203% per day; the amount actually paid over the past 24 hours is only -0.036%. The paying side is still piling in—paying up and adding to its position—with about 140 minutes left until settlement. It’s expensive, sure, but they haven’t stopped buying in. I can’t help feeling there’s more to this story.
$BARD is more interesting by contrast. The price is up +2.23%, but open interest is down -1.49%. The funding rate is negative, at -0.4432% on a 1-hour interval, or about -10.636% per day. A negative funding rate already means shorts are paying to hold their positions, and now they’re cutting them too. This looks more like shorts getting squeezed out. There are only about 20 minutes left until settlement, and the market is eerily quiet.
One is piling in; the other is pulling back. Both have that same “expensive funding rate” label, but underneath, they’re completely different stories. It won’t take long to see who cracks first.
$BARD is more interesting by contrast. The price is up +2.23%, but open interest is down -1.49%. The funding rate is negative, at -0.4432% on a 1-hour interval, or about -10.636% per day. A negative funding rate already means shorts are paying to hold their positions, and now they’re cutting them too. This looks more like shorts getting squeezed out. There are only about 20 minutes left until settlement, and the market is eerily quiet.
One is piling in; the other is pulling back. Both have that same “expensive funding rate” label, but underneath, they’re completely different stories. It won’t take long to see who cracks first.