APR 24-hour gains rose 16.8%, but if you directly label this surge as “natural buy orders,” you’ll miss the most crucial layer: the platform is rewarding the buy volume with weighted incentives.
The official trading contest only counts buys, not sells. Trades from the first two days are counted as double toward the rankings; for the current third day, they’re still counted at 1.8x. The top 2,000 participants split 212,000 APR. This mechanism actively creates incentives to buy early and repeatedly fight for rank.
$APR has roughly 189 million USDT in 24-hour perpetual trading volume, but over the past 6 hours the price has fallen 4.0%, OI has simultaneously decreased by 4.5%, and the funding rate is about 0.0074%. It has very high attention, yet leveraged participation is already cooling down.
Conclusion: What’s happening now looks more like reward-driven buy attention layered on top of perpetual deleveraging—not proven organic demand. Only if, after the early-bird weighting drops to 1x, non-incentivized trades, on-chain usage, and OI all continue to expand, would this explanation need to change.
The official trading contest only counts buys, not sells. Trades from the first two days are counted as double toward the rankings; for the current third day, they’re still counted at 1.8x. The top 2,000 participants split 212,000 APR. This mechanism actively creates incentives to buy early and repeatedly fight for rank.
$APR has roughly 189 million USDT in 24-hour perpetual trading volume, but over the past 6 hours the price has fallen 4.0%, OI has simultaneously decreased by 4.5%, and the funding rate is about 0.0074%. It has very high attention, yet leveraged participation is already cooling down.
Conclusion: What’s happening now looks more like reward-driven buy attention layered on top of perpetual deleveraging—not proven organic demand. Only if, after the early-bird weighting drops to 1x, non-incentivized trades, on-chain usage, and OI all continue to expand, would this explanation need to change.