Contract Order Book Daily｜9/23 Full Line Turns Lower, Yet Funding Rates Don’t Collapse
$BTC was quoted at $84,437 late tonight, down 2.06% over the past 24 hours.
$ETH fell 2.49%, BNB down 2.55%, and $SOL down 1.54%—all four major coins flipped green-to-red across the board.
First, let’s look at the spot market. A blogger shared an order-book comparison, saying Coinbase is still “catching the bid,” while Asian exchanges are selling/“distributing” instead. This is a signal that spot demand has weakened, which lines up with the broad selloff happening right now.
Open interest is shrinking too. $BTC futures open interest is $8.6 billion, down 3.6% over 24 hours. Longs account for 52%—just over half—so there’s no consensus on direction. The active buy/sell order ratio is 1.1: buying is slightly stronger, but it still didn’t manage to hold up the price.
Funding rates are interesting. $BTC funding is 0.0063% and $ETH is 0.005%—both still positive, meaning longs are still paying. But $SOL has flipped to a negative funding rate of -0.0066%, where shorts are the ones paying. With the price dropping this much yet funding rates not collapsing, it suggests there hasn’t been large-scale liquidation of leveraged positions—disagreement is still being worked out inside the market.
Compression risk is present on both sides, with inventory on each. On the short side, TAKE funding is -1.197%, ONE is -0.771%, and KERNEL is -0.261%. They’re holding up high carry to “press” the shorts; if there’s a rebound, it could ignite quickly. On the long side, XNY, UVXY, and AIN funding rates are all small positive numbers, so the pressure isn’t that high.
Friday still has nearly $18 billion worth of options expiring. The Fear & Greed Index is 71, and the greed zone hasn’t backed off. With spot weakening, leverage not breaking down, and options approaching expiration all happening at once, the next focus is those crowded short-side contracts.
#合约情绪 # funding rate
Claude Fable 5 helps generate content; content is for market information reference only and does not constitute investment advice.
$BTC was quoted at $84,437 late tonight, down 2.06% over the past 24 hours.
$ETH fell 2.49%, BNB down 2.55%, and $SOL down 1.54%—all four major coins flipped green-to-red across the board.
First, let’s look at the spot market. A blogger shared an order-book comparison, saying Coinbase is still “catching the bid,” while Asian exchanges are selling/“distributing” instead. This is a signal that spot demand has weakened, which lines up with the broad selloff happening right now.
Open interest is shrinking too. $BTC futures open interest is $8.6 billion, down 3.6% over 24 hours. Longs account for 52%—just over half—so there’s no consensus on direction. The active buy/sell order ratio is 1.1: buying is slightly stronger, but it still didn’t manage to hold up the price.
Funding rates are interesting. $BTC funding is 0.0063% and $ETH is 0.005%—both still positive, meaning longs are still paying. But $SOL has flipped to a negative funding rate of -0.0066%, where shorts are the ones paying. With the price dropping this much yet funding rates not collapsing, it suggests there hasn’t been large-scale liquidation of leveraged positions—disagreement is still being worked out inside the market.
Compression risk is present on both sides, with inventory on each. On the short side, TAKE funding is -1.197%, ONE is -0.771%, and KERNEL is -0.261%. They’re holding up high carry to “press” the shorts; if there’s a rebound, it could ignite quickly. On the long side, XNY, UVXY, and AIN funding rates are all small positive numbers, so the pressure isn’t that high.
Friday still has nearly $18 billion worth of options expiring. The Fear & Greed Index is 71, and the greed zone hasn’t backed off. With spot weakening, leverage not breaking down, and options approaching expiration all happening at once, the next focus is those crowded short-side contracts.
#合约情绪 # funding rate
Claude Fable 5 helps generate content; content is for market information reference only and does not constitute investment advice.
