sand

In SAND accounts’ long/short split, the long side accounts for only about 46.3%—so accounts are actually tilted short. Prices are also weak: around $0.04800000 on Binance (-2.2400%) and $0.04799000 on OKX (-2.2209%). Yet liquidations over the past day were almost entirely longs: about $133.1k in longs versus $2.6k in shorts, or roughly 98% of the total—a 51.9x gap.
Open interest totals about $34.74 million (around $11.59 million on Binance and $3.12 million on OKX); the average funding rate is about -0.000072. Accounts are tilted short and prices are falling, yet longs make up 98% of liquidations—suggesting a handful of highly leveraged longs were the first to get flushed out on the way down.

SAND’s funding rate is deeply negative. Binance is down about 4.0%, and OKX is down about 4.0%. Over the 4-hour window, about $38,300 in longs were liquidated, compared with just $68 in shorts, pushing the liquidation gap to nearly 560-fold—amid the slow decline, liquidation pressure has almost exclusively hit longs.
Binance: about $0.04868000 (-3.9460%); OKX: about $0.04868000 (-4.0410%). Over 4 hours, about $38,300 in longs and $68 in shorts were liquidated, for a total of about $38,300 across 27 liquidations. Over 24 hours, about $254,100 in longs and $7,241 in shorts were liquidated. Open interest: about 11.4246 million on Binance and 3.1209 million on OKX. Aggregate funding rate: about -0.0252%. Account long/short ratio: about 46%/54%, slightly bearish.

SAND funding rates have turned negative, yet shorts make up more than half of accounts. Nearly all liquidations over the past 4 hours were on the long side, with a long-short liquidation ratio of about 33:1.
Binance: about $0.05007 (-4.7010%); OKX: about $0.05005 (-4.8660%). Over the past 4 hours, long liquidations totaled about $24,500, while short liquidations were only about $742. Over 24 hours, long liquidations reached about $462,000 versus about $45,000 for shorts—a ratio of roughly 10:1. The total was about $507,000 across 401 liquidations. Open interest was about 11.77 million on Binance and 2.99 million on OKX; the long-short account ratio was about 46:54, and the funding rate was about -8.0e-5.
Negative funding rates usually mean shorts are paying, but liquidations in the short window are still hitting longs hard—the position structure and liquidation direction are at odds.

$SAND has plunged about 7%, yet over the past 24 hours, long liquidations have outpaced short liquidations by nearly 13 times—how does that add up?
#SAND #合约行情 #多空比 #Liquidations
Long liquidations were about $530,000, versus roughly $40,000 for shorts—around 13.1 times as much. The current price is about 0.05067 on Binance and 0.05068 on OKX, nearly identical across both exchanges. Over 24 hours, it’s down about 7.10% and 6.98%, respectively.
Total futures open interest across the market is about 11.82 million on Binance and 3.26 million on OKX. Accounts are skewed long, with longs making up about 57.9%. The funding rate is around 0.006%.
The price is down about 7%, yet long liquidations were nearly 13 times higher—does that suggest leverage hasn’t been fully flushed out, or is the downturn only just getting started?