Contract trades are 2.4 times that of the spot, but the funding rate is only at +0.0050%. This is exactly the most interesting part of what’s on the leaderboard today,
$MIRA .
Spot 24h volume is $2.54M, while futures are $6.13M. The price is $0.0455, with intraday high/low of $0.04614 / $0.04072, and the 24h gain is 10.04%. Based on this structure, what’s pushing it onto the spot gainers list
#8 and the futures gainers list
#13 is not just aggressive one-sided chasing. It looks more like short-term funds first lift futures momentum, but bullish sentiment hasn’t gotten out of control yet. The funding rate hasn’t spiked, which means there are people chasing longs—but not so crowded that it’s squeezed.
What I care about more is the open position size: 51,927,608 MIRA. Price is up and positions are also up, which suggests this move isn’t just a pure rebound from shorts getting cut; there are indeed new positions coming in on the venue. The issue is that this kind of token doesn’t have thick spot liquidity. With 44,834 trades pushing the price up to near the intraday high, once the futures leg continues to expand and spot can’t keep up, volatility can easily get steep.
My plan: I won’t open a chase-long position. I’ll wait for it to come back near $0.043 and then try a 2% spot entry. If it breaks today’s low of $0.04072, I’ll exit immediately. For the futures side, I won’t touch it. The reason is simple: futures are hot compared to spot, but the funding rate isn’t extreme enough—being stuck in the middle is where it’s easiest to get swept back and forth.
$MIRA #MIRA
If you can’t handle it, don’t get on the ride. Anyway, that’s the experience I lost money learning.