MUBARAK rose 11.4% in 24 hours. The most worth watching this round isn’t the increase itself: the added open positions haven’t pushed the funding rate higher.
In the past 6 hours, $MUBARAK rose by about 4.3%, while the OI contract volume during the same period increased by about 5.0%; extending it to 24 hours, the price rose 11.4% and OI increased by 3.8%. Price and open positions expanding together suggests this isn’t just old-position short covering.
However, the funding rate is still around 0.005%, with the mark price showing a slight discount of about 0.04% versus the index. The perpetuals’ 24-hour trading volume is about 6.96 million USDT, 4.7 times the spot volume of roughly 1.5 million USDT. Contract participation is increasing, but one-sided paid demand is crowded without having turned into an extreme squeeze yet.
Conclusion: Right now, it’s new contract participation accompanying a price rise, but it isn’t yet an extreme leverage squeeze. If later OI keeps accelerating, the funding rate continues to climb, and spot trading doesn’t expand in tandem, then this explanation would need to be revised.
In the past 6 hours, $MUBARAK rose by about 4.3%, while the OI contract volume during the same period increased by about 5.0%; extending it to 24 hours, the price rose 11.4% and OI increased by 3.8%. Price and open positions expanding together suggests this isn’t just old-position short covering.
However, the funding rate is still around 0.005%, with the mark price showing a slight discount of about 0.04% versus the index. The perpetuals’ 24-hour trading volume is about 6.96 million USDT, 4.7 times the spot volume of roughly 1.5 million USDT. Contract participation is increasing, but one-sided paid demand is crowded without having turned into an extreme squeeze yet.
Conclusion: Right now, it’s new contract participation accompanying a price rise, but it isn’t yet an extreme leverage squeeze. If later OI keeps accelerating, the funding rate continues to climb, and spot trading doesn’t expand in tandem, then this explanation would need to be revised.