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Futures Order Book Daily Report | 7/27 Longs Are Crowded, Leverage Drops

First thing to handle at midday is the data anomaly: $BTC open interest shows as $0, and the funding rate also has no valid reading.
This looks more like a data-source gap; you can’t conclude that leverage has been fully cleared based on this. The 2% decline in open interest can only serve as a secondary signal indicating a position contraction.

In a valid structure, longs make up 62%, and positioning is still clearly skewed to one side.
The aggressive buy/sell ratio is 1.05, suggesting that aggressive buy orders only slightly outweigh sells—still not enough to absorb the crowded long side.
The Fear & Greed Index is only 30. The price is $64,044.87. The current backdrop is relatively weak sentiment with a modest return of bids, but the long positions are not light.

According to reports, Trump has reportedly called off strikes against Iran and left room for negotiations, which is beneficial in the short term for reducing sudden pressure on risk assets.
However, this is still title-driven. If the stance becomes inconsistent, futures volatility will likely amplify before fundamentals do.

On the other hand, long-quiet Bitcoin activity has fallen to a four-year low, meaning there’s no sign that older lots are temporarily concentrated into outflows.
This can ease spot sell pressure, but it can’t replace new buying. The Senate’s push for the crypto market structure bill still leaves only about a two-week window, and it will continue to generate event-driven volatility.

Next, watch whether aggressive buy orders can remain consistently above the current level, and whether the 62% long share starts to decline.
If bids weaken while the crowded long positions do not unwind, liquidation risk remains high. If positions keep contracting while the price holds around $64,000, it will be closer to healthy turnover. #FuturesOrderBook

Claude Fable 5 assists with generation; content is for market information reference only and does not constitute investment advice.

24h Contract Gainers Ranking · In-depth Breakdown of the Top 3
At 10:00 Beijing time, the top 3 contracts by 24-hour percentage gain are ESP, SAFE, and CROSS. Here’s a quick run-through of the public order book for those watching closely.

① ESP: Up 52.86% in 24 hours, with trading volume of about $246 million, the highest among the three.
Open interest is about $10.09 million, up 461.1% over the past 24 hours. In the last hour alone, it continued to rise by 17.3%, showing a clear expansion in leveraged positions.
Funding rate is -0.1256%. It has seen 4 consecutive rounds of shorts paying. The ratio of aggressive buy to aggressive sell is 1.06, but the relative strength indicator has reached the overbought zone at 78.6.

② SAFE: Up 36.02% in 24 hours, with trading volume of about $22.55 million.
Open interest is about $2.28 million, up 83.1% over 24 hours, and up 4.5% in the last hour.
Aggressive buy vs aggressive sell ratio is 1.08. Long positions account for 60%. The relative strength indicator has risen to 90.3, also in the overbought zone.

③ CROSS: Up 27.11% in 24 hours, with trading volume of about $43.53 million.
Open interest is about $1.92 million, up 107.7% over 24 hours, and up 4.6% in the last hour. Funding rate is -0.0118%, with 3 consecutive rounds of shorts paying.
The relative strength indicator is 60.2, still in the neutral zone. The supertrend remains upward, and its technical position is not as extreme as the other two.

A shared observation: when the prices of all three rise, their open interest expands noticeably, and the contract premium rates are all negative.
The leading names in the gainers list are likely to see sharp pullbacks at high levels. Going forward, pay special attention to volatility amplification caused by rapid contraction in open interest and shifts in aggressive buying/selling.
#ESP #SAFE #CROSS #contract order book

This content is generated with the assistance of Claude Fable 5 and is for informational reference only. Please verify it yourself.

Contracts that may see a mild pullback and downturn today

Leaning toward a slow drift lower.
These coins’ prices may still be rising, but while there is upside, the structure is loosening—don’t look only at the green % increase figures.
What to fear isn’t that it doesn’t rise; it’s that as it keeps rising, the order book support thins out. Then watch whether the upcoming pullback will reverse and confirm.

For LA: current price 0.07574, up 14.1%. Open interest increased 21.0% over the past 24 hours, but in the most recent 1 hour it decreased by 1.6%.
The aggressive buy/sell ratio is only 0.86. After the position inflow, short-term aggressive buy support hasn’t strengthened in sync. Chasing the higher-priced order book is prone to being hit by both a snapback and a pullback at the same time.
Liquidity is dispersed among the chips.
The counter-signal: the SuperTrend is still pointing upward. The relative strength indicator at 60.0 is neutral, and the rebound structure hasn’t been fully broken yet.

For EUL: current price 2.259, up 11.52%. Open interest increased 24.4% over the past 24 hours, but in the most recent 1 hour it decreased by 2.3%.
Aggressive buy/sell ratio is 0.95. In the short term, the buy side hasn’t taken control. The contrast is that price is rising while open interest is falling.
Liquidity is dispersed among the chips.
The counter-signal: the funding rate is -0.2769%, with short positions paying for 8 consecutive rounds. The order book/mark price may squeeze shorts, so still watch for another volume-expanding snapback.

For LINK: current price 8.82, up 5.29%. The relative strength indicator reaches 81.4, already entering the overbought zone.
Long/short ratio is 1.65, with longs at 62.0%. The long/short ratio for the top accounts is 1.64. The structure is somewhat crowded—risk from chasing higher prices is increasing.
Liquidity is dispersed among the chips.
The counter-signal: aggressive buy/sell ratio is 1.26, and the SuperTrend is still rising. The bids haven’t fully stepped away—for now.

If the support continues to thin out, the pullback line is already underway. If volume increases again and price holds above it, then this view needs to be reconsidered.

This content is assisted by Claude Fable 5, for reference only—please verify it yourself.

Contracts that may see a significant surge today

Bias is upward. In these three coins, their 24-hour prices are all strengthening, and open interest is also increasing in sync.
Chips are being locked in.
Next, watch whether strength in price can continue to be confirmed by further growth in open interest and by ongoing aggressive buy orders.

LPT current price 1.508, up 6.2% in 24 hours. Open interest is about $3.9792 million and has increased 79.6%. Funding rate is -0.1376%, with shorts paying for 6 straight periods.
This suggests positions are rushing in quickly, and the order book conditions for a further short squeeze may be in place.
The counterpoint is that the Supertrend is still trending downward, and the technical direction has not fully turned bullish.

AERO current price 0.4291, up 3.55% in 24 hours. The ratio of aggressive buys to sells is 1.43, and the Supertrend remains upward.
This indicates price and aggressive buy orders are aligned, and short-term momentum still has room to continue.
The counterpoint is that open interest has increased by only 2.9% over 24 hours—position-follow-through still needs further confirmation.

ESP current price 0.10954, up 46.48% in 24 hours. Open interest is about $7.8893 million and has increased 377.3%. Funding rate is -0.1594%, with shorts paying for 4 straight periods.
This suggests that while price is surging strongly, positions are concentrating and flowing in, making squeeze conditions relatively more prominent.
The counterpoint is that the Relative Strength indicator has reached the overbought zone at 76.6, and short-term volatility may expand noticeably.

For this board, what I’m watching is whether price strength and open interest can continue to resonate together.
If price stays strong and open interest keeps following through, this line will likely keep moving; if price weakens along with a drop in open interest, then this direction needs to be reassessed.

Compiled with the assistance of Claude Fable 5 to organize the contract data. For information reference only—please verify independently.

Contract Order Book Daily｜7/27 Bid Backflow as Leverage Ebbs

The last signal was fear not receding and leverage increasing; the current outcome shows a change.
On $BTC , the price rose 1.62%, but open interest fell to 6.878 billion USD, down 0.7% from the prior value. This suggests this round of price lifting did not come with new leverage piling in; some crowded positions have already exited.

The ratio of active buy orders to sell orders rose to 1.51, with buyers clearly in control.
However, longs still account for 63%, and the funding rate is positive at 0.0051%. The price increase has not fully worked off the long congestion. What’s happening now looks more like bids absorbing deleveraging rather than the risk being truly resolved.
The Fear & Greed Index is only 26, meaning sentiment and order-book direction are still misaligned.

Three events are providing support to this structure.
First, Trump was reported to have paused the originally planned Iran strike action, which reduced the sudden shock to risk assets in the short term.
Second, with only two weeks left, the U.S. Senate is pushing the “Crypto Markets Clarity Act”; policy expectations may continue to amplify news-driven volatility.
Third, the movement volume of long-dormant Bitcoin has dropped to a four-year low. Selling pressure from older lots is relatively quiet for now, but it also can’t be equated directly with new demand.

Among smaller-cap coins, extreme funding rates are more worth watching closely.
For VANRY, the funding rate is as low as -1.19%, meaning the cost for shorts is clearly out of balance and passive covering is prone to occur.
For KORU, the funding rate reaches +0.163%, indicating longs are paying too much; if buying strength weakens, liquidations may become more concentrated.

The morning validation points are clear: if price continues to rise, open interest stops declining, and active bids remain strong, then the post-deleveraging absorption is truly established.
If open interest starts increasing again but active bids fall and the long share remains near 63%, then this rebound will likely revert to crowded trading.

Claude Fable 5 assists in generating the content; the information is for market reference only and does not constitute investment advice.

Today’s hot tokens—just watch these three.
The most worth validating in the morning isn’t the price increase, but whether the open interest (position volume) can keep expanding.

$ESP +47.3%, with open interest surging by 297.1%—not a pulse created by a light position.
Next, only watch whether new positions can keep connecting and stacking up.
$EUL +37.5%, open interest up 87.5%; the heat is there, but the position-expansion intensity is lower than ESP.
Once the incremental flow stops, this burst of strength is likely to cool down.
$DIA +32.7%, open interest rockets 304.7%—among the three, this is where the position inflow is the most aggressive.
The order book is interesting, but the speed of the retreat after being crowded could also be the fastest.

Overall, it’s a high-volatility “funds huddling” type of coin. For continuity, first watch ESP. For strength validation, only open interest matters.
Rankings #4 to #10 are, in order: CROSS up 30.3%, 4 up 24.9%, SAFE up 23.7%, UB up 23.6%, SOON up 21.3%, BANK up 17.5%, BOME up 16.9%.

ESP, EUL, and DIA have all entered “short-squeeze candidate” territory, but their invalidation conditions are also very clear.
As long as open interest stops expanding and turns into an obvious decline, the current strong structure can be considered invalid.
#合约市场 #热门币

This content is generated with assistance from Claude Fable 5 and is for informational reference only—please verify it yourself.

Today’s hot tokens—just look at these few.
At 02:00 a.m., funds concentrated on names with strong price gains and new increases in open interest. The top three all show a contradiction: paid short activity alongside a sharp jump in open interest.

$EUL is up 56.2% to 2.3582, with $814 million in trading volume; both the price move and volume are expanding at the same time.
Open interest increased by 144.2%, funding rate fell to -0.454%, and active sell orders are still slightly in the lead—while shorts continue to pay to stubbornly hold their ground.
$DIA is up 37.0% to 0.1363. Open interest directly surged by 368.6%—this isn’t a slow buildup.
Long accounts are clearly more numerous, yet active sell orders are slightly ahead. With $124 million in trading volume, this round of volatility isn’t short on liquidity.
$ESP is up 26.6% to 0.09499, with open interest up 214.9% and $111 million in trading volume.
The funding rate has dropped to -0.354%. Active sell orders are stronger, but the price is still holding a big rise—there’s a heavy squeeze feeling on the order book.

From ranks 4 to 10, the spread continues: CROSS up 24.5%, KAITO up 21.8%, B up 18.6%, BANK up 15.6%, LA up 15.5%, BOME up 14.5%, SAFE up 14.2%.
On the downside, the drop is more direct: ESPORTS down 49.7% with open interest down 50.9%, DEXE down 22.6%, SYN down 15.2%. Clear signs of capital retreat.

Overall, the mood is that money is clustering in a small number of high-volatility coins. The key is whether they can continue to absorb after open interest explodes.
The shorts in EUL and ESP are already bearing extremely harsh costs. The longer this structure drags on, the more likely the volatility will expand. For continuity, first focus on the EUL trading volume and open-interest changes.
$EUL $DIA $ESP #合约市场 #Hot tokens

This content was generated with the assistance of Claude Fable 5 and is for informational reference only. Please verify it yourself.

Daily Contract Order Book Report｜7/26 Fear Has Not Left Yet, Bulls Still Crowded

At 23:00, the most important reminder is position $BTC ’s structure.
Price is up 0.79%, contract open interest is about $6.957 billion, but it increases by only 0.1%, indicating that money is not clearly chasing the price to add leverage.
The proportion of aggressive buy orders is 1.05, giving buyers a slight edge, but 63% of accounts are net long—positions are already not light.

The sentiment index is still in the fear zone at 26, while the funding rate for $BTC rises to +0.74%.
This suggests market sentiment is relatively cold; however, contract longs show relatively high willingness to pay. For further upside, stronger spot demand is needed to keep it going, otherwise crowded positions may be cleaned up first.
The funding rate for $BNB is even higher, reaching +1.17%. A high funding rate itself is a risk boundary.

There are two points in the news flow that help support risk appetite.
Reportedly, Trump has ordered a halt to the planned strikes against Iran, which eases safe-haven pressure in the short term. Meanwhile, a major U.S. brokerage, Charles Schwab/Schwab?（嘉信理财）? is pushing the Senate to take up a clear bill for the crypto market, slightly improving regulatory expectations.
At the same time, the amount of Bitcoin transferred after a long period of dormancy has fallen to a four-year low, temporarily reducing sell-pressure from older holders. But currently, the increase in contract open interest has not yet been verified as funds fully returning.

Next, watch whether the aggressive buy orders for $BTC can continue staying above 1, and whether open interest expands in sync with the price.
If price rises while buy orders weaken, the 63% net-long ratio will first become a volatility amplifier.

#BTC

Compiled with assistance from Claude Fable 5. For information reference only—please verify independently.

Second review of the morning bearish warning with high-level distribution about 13 hours ago: among 3 contracts, ZAMA delivers, EUL rebounds, and PROM steadies on reduced volume. Currently, only 1 is showing weakness; the other 2 have not yet broken into unidirectional downside.
This directional performance log doesn’t avoid bias—the morning bearish call only materialized for 1.
Initial watch recap: the chips are dispersed.

EUL: rebound; the morning bearish thesis has not been fully played out yet.
After the first signal, price rebounded by 23.76%, which is opposite to the high-level distribution warning.
Open interest also increased by 70.38%, suggesting the rebound came with position expansion; we still can’t confirm that the follow-through is getting thinner.

ZAMA: delivered—this morning bearish setup has already played out.
After the first signal, price continued to weaken by 6.08%, validating the downside direction.
The aggressive buy/sell ratio fell to 0.8, down 0.35 from the first signal, indicating that aggressive buying has clearly withdrawn and that liquidity/follow-through looks thin.

PROM: steadies on reduced volume; for now, it has not entered unidirectional downside.
Price is actually up 1.65% versus the first signal, which weakens the morning bearish judgment.
Trading volume fell by 55.16%, implying some selling pressure has eased, but it looks more like a low-volume pull-and-tug rather than a continued decline.

Next, focus on whether after EUL’s evening rebound the aggressive buy side continues to retreat, and whether open interest stops expanding. Meanwhile, watch whether ZAMA and PROM can show weakness with increased volume.
If EUL keeps pushing higher and PROM maintains stabilization amid reduced volume, that would further disprove the morning bearish thesis—we’d need to re-evaluate.
If price turns weaker while aggressive buying withdraws at the same time, then this pullback can be considered further confirmed.
#合约复盘 $EUL $ZAMA $PROM

Claude Fable 5 assisted generation; content is for market information reference only and does not constitute investment advice.

A recap of the morning bullish pull-up observed about 13 hours ago: among 3 contracts, 0 successfully broke out. DEXE and SYN fizzled out; AVAX is still being pulled around, but none of the three were able to be taken through.
Chips are being withdrawn.

DEXE: fizzled out; the morning bullish move did not continue.
After the initial push, the price fell by 16.05%, and the trend has already flipped in the opposite direction from the original premise.
The aggressive buy/sell order balance dropped to 0.92. Although open interest increased, the aggressive buy side did not keep pace; the new positions were unable to drive the price.

AVAX: tug-of-war; the morning bullish thesis has not yet formed one-sided confirmation.
Compared with the initial push, the price is down 1.17%, and open interest has also dipped slightly. Upward support remains incomplete.
The aggressive buy/sell balance rose to 1.15. Bids have warmed up somewhat, but they are still not enough to cover the price and compensate for the open-interest lag.

SYN: fizzled out; the morning bullish breakout clearly did not get going.
After the initial push, the price dropped by 11.46%, and open interest fell in tandem by 12.31%, indicating that when price turned weak, positions were also pulled.
Aggressive buying did not gain the upper hand. The price, open interest, and bid/volume resonance needed to sustain the rally did not appear.

Next, collectively watch whether the price can turn strong again, whether open interest can continue to hold and support, and whether aggressive buying can keep dominating. Only when these three elements resonate together can the bullish logic be considered reconnected.
If the price stays biased to the downside and open interest keeps falling or aggressive sell orders take over, that becomes further disconfirmation—requiring a recheck of this morning setup.
#DEXE #AVAX #SYN #Contract recap

This content was generated with the assistance of Claude Fable 5, for informational reference only—please verify independently.

This morning’s top 3 in the 24-hour gainers list—now for reconciliation: after 8 hours, who continues, who fizzles out, and who is still tugging.

$EUL 兑现 (settled).
After the initial release, the price continues to rise by 14.03%; the open interest increases from 13.8550 million to 20.0069 million, a growth of 44.40%. The previous signal is still in effect.

$Q 熄火 (fizzled out).
After the initial release, the price drops by 3.63%; open interest declines in tandem by 3.72% to 7.6820 million. The previous signal was not continued, and the risk of a pullback from the high level still needs attention.

$BANK 拉扯 (tugging/back-and-forth).
After the initial release, the price falls by 0.72%; open interest decreases by 0.58% to 70.7055 million. No one-way confirmation has been given yet.

Next, focus on whether price and open interest can continue moving in the same direction. Being in the lead on gains doesn’t necessarily mean the trend will continue. The risk of volatility after crowded positioning still warrants caution.
#合约复盘 # tracking the gainers list

Claude Fable 5 used to assist in generating content; the information is for market reference only and does not constitute investment advice.

About 6 hours ago, in the morning set of “high-level distribution observation · bearish,” currently 1 has already been realized and 2 are rebounding back; only ZAMA has started to weaken, while EUL and PROM have not yet broken out into one-way bearish decline.

Initial observation recap: The chips are dispersed.

EUL: A rebound. After the first entry, it did not follow the bearish direction indicated in the morning; instead, the price rose by 22.46%.
Open interest also increased by 53.63%, indicating the rebound came with additional positioning; the bid support has not noticeably thinned for the moment.
This one can’t be considered “realized” yet; the morning bearish call has been weakened by the rebound.

ZAMA: Realized. The bearish move from the morning has played out; after the first entry, the price continued to weaken by 7.31%.
Open interest fell by 10.55% at the same time, suggesting the pullback came with de-leveraging, rather than a structural continued push from newly added shorts.
The aggressive buying order flow has not continued to retreat; we still need to watch whether the weak momentum can persist afterward.

PROM: A rebound. The bearish thesis from the morning still did not materialize; after the first entry, the price recovered by 3.04%.
The ratio between active buy and sell orders rose from 0.60 to 1.23, indicating that active buying has regained dominance, weakening the view that it will keep drifting downward.

Next, to confirm this wave of pullback, focus on whether the rebounds in EUL and PROM stall, whether the active buying retreats, and whether ZAMA can continue to weaken after the contraction in open interest.
If EUL and PROM continue to lift and the support doesn’t thin, or if ZAMA turns strong again, then it would be a rebuttal to the morning bearish line—this set would need to be reconsidered.

This content was generated with assistance from Claude Fable 5 for informational reference only; please verify it yourself.

A bullish pull-up watch and recap from about 6 hours ago: among 3 contracts, 0 broke out, 2 flamed out, and 1 is still getting pulled.
Initial watch recap: the positions are consolidating.

DEXE: flamed out; the morning bullish move did not break out.
After the initial call, the price dropped 30.93%, and the trend has clearly deviated from the original direction.
Open interest fell in parallel by 13.31%, indicating that capital follow-through is also weakening.

AVAX: tug-of-war; the price held, but the morning bullish trend has not yet formed a one-sided continuation.
After the initial call, the price rose only 0.09%, showing the direction barely opened up.
Open interest increased by 2.00%, but active buy orders fell from 0.93 to 0.89—incremental capital has not yet turned into sustained pushing.

SYN: flamed out; the morning bullish attempt also wasn’t caught.
After the initial call, the price pulled back by 4.85%, and the prior uptrend has already been weakened.
Open interest decreased by 8.29%, suggesting that momentum hasn’t continued to keep up.

Next, we should jointly watch whether price can turn strong again, whether open interest can rise in sync, and whether active buys can continue to hold the advantage.
If price keeps falling and open interest keeps contracting, that’s further confirmation against the morning bullish thesis; only when all three fall back into alignment can we confirm that this line is still intact.
#Contract recap

Claude Fable 5 assists in generation; the content is for market information reference only and does not constitute investment advice.

Contract Order Book Daily Report | 7/26 Buy-side flows return; positions stop increasing

Last time was driven by fear that hadn’t faded and leverage being added. By midday, these results have already changed.
$BTC trades at 64515.8, up 0.73%, but the contract open interest stays flat at $6.931 billion with zero increase.
Prices bounce back without any new position follow-through, suggesting this upswing is more like support from existing liquidity rather than a fresh leverage expansion signal that has been paused.

The proportion of aggressive buying rises to 1.22—meaning for every 100 aggressive sells there are 122 aggressive buys. Short-term, the buyers regain an advantage.
The issue is that long accounts still hold 64%, and the funding rate remains positive at 0.005%, so positioning is not light.
The Fear & Greed Index is only 26, keeping sentiment in the fear zone, creating a mismatch: “cautious sentiment, contract-leaning longs.”

The liquidity boundary needs expectations to be toned down.
Bitcoin spot ETF trading volume has fallen to the lowest level since October 2024, implying that external incremental capital is temporarily inactive.
Fidelity supports the U.S. Senate advancing a crypto market structure bill, which is a positive for rule expectations—but it doesn’t mean immediate aggressive buying in the contract order book.
U.S. threats of tariffs against the EU could, however, amplify event-driven volatility. Crowded longs are more likely to be suddenly cleared on a pullback.

Extremes in smaller coins are more direct.
$EUL funding rate is down to -1.228%; the short cost is already unusually high. If the price rebounds, it can easily trigger a short squeeze.
Among mainstream contracts, $BNB has a positive funding rate of 0.0107%, the highest among the four major coins—raising both the cost of chasing longs and sensitivity to drawdowns.

Next, look at just one validation condition: whether $BTC open interest can increase in sync with aggressive buying.
If open interest continues to stall, or the aggressive buying ratio falls back below 1 while the long share stays near 64%, then this “returning flow” is not a trend confirmation—it’s a risk window for crowded positioning.

This content is generated with the help of Claude Fable 5 and is for informational reference only; please verify it yourself.

Beijing time 10:00. The top 3 gainers on Binance perpetual contracts’ 24-hour performance leaderboard are EUL, Q, and BANK.

Quickly review the publicly available order book data for those watching the market.

EUL’s current price is $2.1509. It is up 88.18% over the past 24 hours, with trading volume of $460 million.
Open interest is $13.8550 million, up 355.8% in the past 24 hours, and up another 14.0% over the last hour.
The funding rate is -0.6057%, with six consecutive rounds of shorts paying funding. The taker buy/sell ratio is 1.04. The sharp price surge clearly conflicts with the negative funding rate.

Q’s current price is $0.024982. It is up 28.89% over the past 24 hours, with trading volume of $19.1147 million.
Open interest is $7.9786 million, up 45.9% over the past 24 hours, and up 2.1% over the last hour.
The funding rate is 0.0401%, with eight consecutive rounds of longs paying funding. The taker buy/sell ratio is 1.07. The relative strength indicator at 88.5 is in the overbought zone.

BANK’s current price is $0.38435. It is up 28.86% over the past 24 hours, with trading volume of $773 million.
Open interest is $71.1177 million, up 13.1% over the past 24 hours, and up 4.6% over the last hour. The taker buy/sell ratio is 1.16.
The long/short account ratio is only 0.44, but the large-account long/short ratio is 1.30. Meanwhile, the super trend is still pointing downward, making the structural divergence the most pronounced.

The common observation point is whether open interest can continue to absorb at high levels.
All three have increasing open interest over the past 24 hours, but leaderboard assets are often accompanied by the risk of pullbacks at high levels—especially since EUL and Q have entered the overbought zone, which could further amplify short-term volatility.

Claude Fable 5 helps generate content; the information is for market reference only and does not constitute investment advice.

Contracts that may see a mild drop and retracement today

A warning for distribution at high levels.
EUL, ZAMA, and PROM prices may still be rising, but the structure has already loosened—liquidity is dispersing. Don’t only look at the green percentage increase numbers; the risk of chasing higher is growing.
What you’re afraid of isn’t that it won’t go up—it’s that while it’s rising, the follow-through can thin out. Next, watch whether the price turns around, and whether the pullback can be confirmed.

EUL: Current price 2.0086, up 85.35%. Open interest increased 289.7% over the past 24 hours. The relative strength indicator at 78.2 is in the overbought zone.
Both the price increase and the position size are expanding rapidly. Once follow-through weakens, chasing longs may get squeezed by both a counter-rally and a pullback at the same time.
The counter-evidence is that the Supertrend is still pointing upward; the current strong structure hasn’t fully turned bad yet.

ZAMA: Current price 0.05542, up 3.59%. Contract premium is -0.1393%, and the Supertrend is already trending downward.
Price may still be rising, but negative premium stacked with a weakening trend creates a discrepancy between the structure and the apparent gains.
The counter-evidence is that the buy/sell ratio is 1.15; active buying is still temporarily dominant.

PROM: Funding rate -0.1037%. Short-side payments for 8 consecutive periods. The buy/sell ratio is only 0.6, and active selling is in control.
Price is still up 5.57%, but sellers being dominant indicates that the sell-side ability to absorb chasing is increasing in pressure.
The counter-evidence is that the Supertrend is still rising, and the order book suggests it may be逼空. Short-term risk of a counter-rally cannot be ignored.

Don’t just look at the magnitude of the rise. Next, watch whether the price turns after open interest expands—and also whether active follow-through can strengthen again.
If follow-through continues to thin out, this pullback line is already playing out; if it re-accumulates volume and holds above, then this judgment needs to be reconsidered.

Claude Fable 5 helps generate content; this is for informational market reference only and does not constitute investment advice.

Contracts that could potentially surge sharply today

Bullish. For this market setup, I’m looking at three 24-hour price increases: 17.48%, 7.54%, and 19.00%. Open interest is rising in parallel by 21.6%, 16.4%, and 11.0% respectively.

Chips are settling.
Next, watch whether price strength, follow-through in open interest, and active buy orders can continue to confirm.

DEXE current price: 4.543. Up 17.48% over the past 24 hours, with open interest increasing 21.6% in the past 24 hours.
Funding rate is -0.3983%, with short-side fees for 8 consecutive periods. The public order book suggests a squeeze may be developing.
The counterpoint is that the Supertrend is still pointing downward. If price strength can’t continue, the squeeze logic will weaken.

AVAX current price: 6.776. Up 7.54% over the past 24 hours, with open interest increasing 16.4% over the past 24 hours; in the last hour it increased another 2.5%.
Supertrend remains upward, indicating that price and positioning are currently strengthening in the same direction.
The counterpoint is that the Relative Strength indicator reached 85.1, which is in the overbought zone—short-term volatility may expand.

SYN current price: 0.171. Up 19.00% over the past 24 hours, with open interest increasing 11.0% over the past 24 hours.
Active buy/sell ratio is 1.01. Retail accounts are only 30% long—current price strength isn’t matched by an overcrowded retail long position.
The counterpoint is that open interest has fallen 1.8% in the last hour; the momentum for short-term follow-through has already started to loosen.

For this setup going forward, the key is whether price, open interest, and active buy orders can remain consistent with each other.
If price holds bullishly, open interest keeps following, and active buys remain valid, then this move can continue. If price turns weaker, open interest pulls back, or active selling starts to dominate, then this direction needs to be reconsidered.

Claude Fable 5 assists in content generation; the content is for market information reference only and does not constitute investment advice.

Contract Order Book Daily｜7/26 Fear Hasn’t Left Yet; Leverage First Gets More Aggressive

In the morning, order book conflicts were concentrated in $BTC .
The mark price is 64,377.7, with a gain of only 0.38%, yet open interest has risen to $6.922 billion, up 1.5%.
Longs account for 64%, and the funding rate has increased to +0.37%, showing that position expansion is happening much faster than price.
The active buy amount is about 1.45 times the active sell amount. Short-term buy-side demand is stronger, but longs are no longer cheap.

The Fear & Greed Index is still at 27, and sentiment remains within the Fear zone.
Meanwhile, spot Bitcoin ETF trading volume has fallen to the lowest level since October 2024.
This suggests the current price is relying more on derivative funding flows, while spot support has not expanded in sync. When leverage reverses and volatility swings, it is easier to trigger a chain reaction of deleveraging.

The mainstream contracts’ funding rates are also diverging.
BNB’s funding rate reaches +0.58%, with long overcrowding higher than $BTC ; ETH is -0.19%, and SOL is -0.04%, meaning shorts are still paying the cost of carrying positions.
On the policy front, Fidelity in the U.S. continues to push for the Senate to pass the crypto market structure bill, and the police-related organizations have shifted to supporting a revised version, but the bill has not yet been enacted.
Trump’s intensified tariff pressure on the EU will likely amplify sudden volatility in risk assets.

We see two data-driven risk boundaries.
If price pulls back while open interest keeps rising, the 64% long positions may turn into fuel for selling and deleveraging.
If active buying stays above 1 but price cannot expand its upside, that likewise indicates buy orders are being absorbed by sell orders overhead.

Compiled with assistance from Claude Fable 5, for information purposes only—please verify independently.

Today’s hot tokens—watch only these few.
EUL’s holdings surged 274.6%, DEXE’s funding rate dropped to -0.453%, and neither of the top two anomalies is supported purely by price increases.

$EUL is up 60.0%, with trading volume of $322 million and holdings rising in tandem by 274.6%.
At the current price of 1.7106, it’s still near the 24-hour high of 1.83. New positions have been pouring in, concentrated at the highs—worth keeping an eye on for what happens next.

$DEXE is up 33.3%, with trading volume reaching $1.513 billion and holdings up 27.9%.
The funding rate has been pushed down to -0.453%. Shorts are continuously paying and holding on hard, and with the price moving from 6.45 down to 4.627, both squeeze effects and turnover are happening at the same time.
$ESPORTS is up 27.2% with $230 million in volume, but passive selling slightly outweighs active selling.
Price is still holding around 0.0589, not far from the 0.064 high—suggesting sell pressure is currently being absorbed. Continuation depends on whether trading can keep scaling up.

From ranks 4 to 10: SYN is up 21.4%, Q up 20.4%, 1000SHIB up 18.6%, LIGHT up 16.0%, AKE up 14.8%, PTB up 14.0%, and BANK up 13.8%.
On the downside, ALLO is down 26.8% with holdings reduced by 35.7%, which looks more like capital moving out. RIF is down 20.6%, and CAP is down 18.8%.

The most obvious short-squeeze structure is in DEXE. The costs being borne by shorts are already extremely extreme—when a structure like this drags on, it’s more likely to produce a move.
Overall, capital is concentrated in a few high-volatility coins. First, watch whether EUL’s new positions can translate into sustained trading. Then, assess how DEXE’s short pressure is being released.
$EUL $DEXE $ESPORTS #合约市场 #Order book observation

Compiled with assistance from Claude Fable 5. For information purposes only—please verify independently.

Both the top gainer by percentage increase and the top holder growth landed at EUL: while it rose 48.7%, open interest surged by 205.1%.
This is not just a simple price spike—new capital is concentrating into a small number of highly volatile contracts.

$EUL is currently at 1.5246, with trading volume of $249 million. After jumping intraday from 1.0238 to 1.8, it has pulled back somewhat.
The funding rate is -0.022%. Shorts are still paying to hold their position—combined with price rising and open interest exploding, this structure shows the most obvious “squeezing.”
Buy-side orders have a slight advantage. Next, the key is whether open interest at the high level continues to expand.

$CHILLGUY is up 26.7%, with open interest increasing by 98.5%. The speed of adding new positions is clearly faster than the price increase.
However, passive sell orders have a slight edge, and the long/short open-interest ratio is again at 2.04. After the crowding of positions, whether it can continue to expand volume is worth monitoring.
$ESPORTS is up 20.8%. Trading volume is $213 million. Intraday range moved from 0.03701 up to 0.064.
Its open interest only increased by 5.8%, mainly driven by trading activity. Compared with the first two names, the order book is more tilted toward higher turnover.

ALLO is down 29.6%, with open interest decreasing by 38.2%—it looks more like capital is withdrawing quickly rather than positions getting heavier under pressure.
Among the other top ten, 1000SHIB is up 20.2%, SYN up 18.0%, BANK up 16.7%, PTB up 12.3%, PROM up 11.6%, VVV up 8.9%, and DEXE up 7.5%.

Overall, capital is still clustering around a few names that have both active trading and newly added positions, and EUL’s continuity is the most critical.
With shorts bearing the cost and open interest surging, the longer this structure lasts, the more likely it is to keep amplifying volatility.
#合约数据 #Order book watch

This content is generated with the assistance of Claude Fable 5 for reference only. Please verify it yourself.