$CBRS 24 hours, down 5.34%, price hit 171. The funding rate is zero, open interest is 75,565. The data is very clean.
Trump trades have recently taken up the whole screen, but on the on-chain US stock futures side, CBRS’s order book is sending a counterintuitive signal: a zero funding rate means both long and short sides are just lying flat—no one is paying the other side. The price drops in a straight line, yet the positions don’t change much, suggesting it’s not panic selling, but more like a planned, gradual liquidation.
That’s the problem. Traditional stocks and bonds can swing violently because of one remark from Trump, but the pricing in this on-chain mirror market seems to be drifting out of sync. Down five points and not even a hint of negative funding—either the shorts never really entered to chase it down, or these longs are already numb. I lean toward the former, because if there were truly macro panic, the funding rate should have turned negative long ago.
The market is overlooking CBRS’s liquidity issues. OI is over 70,000, and trading volume is $26 million—this depth isn’t enough for any large players to reposition. Once there’s any kind of rumor or breeze during the US pre-market, the price jump here will be far more dramatic than in the spot market.
My current view is: for now, I won’t chase shorts, but I also won’t go long.
Trading tag: #TradFi #链上美股 #CBRS
Where do you think this view is most likely to be wrong?
Trump trades have recently taken up the whole screen, but on the on-chain US stock futures side, CBRS’s order book is sending a counterintuitive signal: a zero funding rate means both long and short sides are just lying flat—no one is paying the other side. The price drops in a straight line, yet the positions don’t change much, suggesting it’s not panic selling, but more like a planned, gradual liquidation.
That’s the problem. Traditional stocks and bonds can swing violently because of one remark from Trump, but the pricing in this on-chain mirror market seems to be drifting out of sync. Down five points and not even a hint of negative funding—either the shorts never really entered to chase it down, or these longs are already numb. I lean toward the former, because if there were truly macro panic, the funding rate should have turned negative long ago.
The market is overlooking CBRS’s liquidity issues. OI is over 70,000, and trading volume is $26 million—this depth isn’t enough for any large players to reposition. Once there’s any kind of rumor or breeze during the US pre-market, the price jump here will be far more dramatic than in the spot market.
My current view is: for now, I won’t chase shorts, but I also won’t go long.
Trading tag: #TradFi #链上美股 #CBRS
Where do you think this view is most likely to be wrong?