$RARE Funding plunged to -0.650%/4h, or -1424% annualized. The previous eight funding periods were all still at 0.005%—then it suddenly dropped off a cliff.
· Open interest: $1.17m, up 4.1% in 24h; the market is tiny
· Open interest/market cap: 12.4%; futures trading volume is 4.8x spot volume
· Long/short account ratio: 3.1; spot rose 64.5% in 24h
RARE is the governance token for SuperRare, a longtime NFT marketplace focused on art—think of it as an online gallery, with token holders voting on how it’s run. The token was listed on Binance spot in October 2021.
Spot is about 22% more expensive than futures, with perpetuals trading below spot. That’s why the funding rate has turned so negative. Longs make up the overwhelming majority by account count, but large traders are leaning short. Open interest hasn’t risen much, so this looks less like new money coming in and more like existing positions changing hands. If shorts can’t hold on, a short squeeze could send prices sharply higher; but spot could also have topped first, in which case the shorts may be right.
82% of the supply is already circulating, with no short-term unlocks, though the team and investors together hold over 40%. No clear catalyst has emerged in the past three days. With funding this extreme, either side could get liquidated.
#RARE #资金费率 #WildCoin
· Open interest: $1.17m, up 4.1% in 24h; the market is tiny
· Open interest/market cap: 12.4%; futures trading volume is 4.8x spot volume
· Long/short account ratio: 3.1; spot rose 64.5% in 24h
RARE is the governance token for SuperRare, a longtime NFT marketplace focused on art—think of it as an online gallery, with token holders voting on how it’s run. The token was listed on Binance spot in October 2021.
Spot is about 22% more expensive than futures, with perpetuals trading below spot. That’s why the funding rate has turned so negative. Longs make up the overwhelming majority by account count, but large traders are leaning short. Open interest hasn’t risen much, so this looks less like new money coming in and more like existing positions changing hands. If shorts can’t hold on, a short squeeze could send prices sharply higher; but spot could also have topped first, in which case the shorts may be right.
82% of the supply is already circulating, with no short-term unlocks, though the team and investors together hold over 40%. No clear catalyst has emerged in the past three days. With funding this extreme, either side could get liquidated.
#RARE #资金费率 #WildCoin
