HOME—the funding rate is already outrageous right now. On Bybit, the 8-hour funding rate is -0.1219%, which translates to an annualized -133.5%. Anyone shorting HOME has to pay a funding fee of 0.12% every 8 hours, and the daily holding cost eats up 0.37%.

Under normal circumstances, having funding rates this negative means the short side is extremely crowded—so a slight bounce in price should liquidate all the shorts. But HOME’s actual liquidation situation is completely different from this script—over a 24-hour period, $1.57 million was liquidated: longs accounted for 54%, shorts for 46%, almost evenly split.

This indicates that the price is undergoing violent fluctuations, with both longs and shorts being swept away one after another. The short side has to pay sky-high funding rates, has an extremely poor position experience, yet didn’t even get “liquidation protection”—46% of the liquidations were still paid for by the shorts.

1815 liquidation trades with long and short roughly evenly split; this “shorts paying high prices to short while they’re not yet cheap enough to be a bargain” situation is quite rare. Usually either the funding rate drops to zero, or the shorts get wiped out in a wave. HOME found a third way: the shorts gritted their teeth and kept paying, continuing to lose.

Check in real time: https://www.coinboss.com/funding-rate