Funding rates can tell you who’s paying—but they can’t tell you who’s going to get liquidated. Today, there are two coins on the chart that make this clear: both are moving up, but their funding rates are opposite.

$BTW Current price: 0.2872; up 11% in 24h; trading volume: $196 million. Funding rates across 11 exchanges are all positive, averaging 0.061%/8h, or 66.8% annualized. Longs are paying every day to “feed” the shorts. In the end, $834,000 was liquidated in 24h: $745,000 from shorts, accounting for 89.3%. Meanwhile, open interest rose to 136 million, up 6.7% over the same 24 hours. While paying costs, longs also kept adding positions, pushing the shorts out one by one—this is a sample where the direction of funding rates and liquidation outcomes line up.

Look again at 2Z. Current price 0.05657, up 17.9% in the past 24h, with trading volume of 91.79 million. Among 19 exchanges, 18 have negative funding rates, with an average of -0.203% per 8 hours, annualized -222%. On CoinEx specifically, a single payment gives -0.685%, meaning shorts are essentially paying longs for taking positions. Open interest surged 39% within 24 hours. By logic, the shorts should get squeezed through; but in reality, liquidations in the past 24h were $312,000—$165,000 for longs and $148,000 for shorts, almost split down the middle: 471 trades average $663 each. The money paid out didn’t buy direction—both sides are grinding together.

Put it in perspective with a normal level comparison: $BTC Among 26 exchanges, the funding rate average annualized is 4.8%, $ETH 2.8%. Across the whole network, total liquidations in the past 24h were $176.5 million, with longs at $131.2 million (74.3%), across 71,200 trades. BTC alone had liquidations of $69.35 million, with longs accounting for $63.14 million.

My take is: funding rate is the cost of holding positions, not a directional indicator. What’s truly useful is to look at funding rate together with open interest: if funding rate is high, open interest is rising, and shorts get liquidated, it suggests a trend with someone taking over—BTW it falls into this category. If the funding rate is extremely negative, open interest is also rising, yet liquidations are evenly split between longs and shorts, it means both sides are hard-pressing with no one willing to admit defeat. With something like 2Z, it’s more likely that both sides get cut.

Background: Fear and Greed Index is 29, and for more than ten days it hasn’t left the fear zone. Altcoin season index is 72.

Before you place an order, do you care more about the funding rate or changes in open interest?

#资金费率 #爆仓数据 #轧空 #Altcoin season

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