Conclusion first: this wave of the leaderboard surge front row wasn’t bought up—it was stacked with leverage. By how much faster positions rose than the price, you can tell who’s most fragile.

$PORTAL Over the past 24 hours, it jumped 72.52% to 0.01901, with trading volume of 418 million. Over the same period, open positions rose 246.75% to 25.70 million. Position growth speed is 3.4 times the price growth—meaning for every 1% price increase, leverage is added by 3.4%. The annualized fee rate is -16.7%; among the 10 venues, shorts are still paying to hold their positions. In the last 24 hours, 1.556 million were liquidated, with shorts accounting for 73.4%. But as you narrow it to 4 hours, it turns into 396,000+ longs vs shorts about split evenly (longs 192,000, shorts 204,000). People who chased in are already starting to fight it out.

ONG is even more extreme. It rose 15.94%, with positions up 68.9% to 7.12 million, a ratio of 4.3x—most fragile on the whole board. The annualized fee rate is -186%. Even with shorts paying outright to this level, they were still liquidated for 141,000. But this market has 7.12 million in position matched with 71.57 million in volume; turnover is ten times, so entering and exiting isn’t hard.

$BTW is another kind of structure. It’s up 30.65%. Positions of 211 million units are up 39.53%, with a ratio of 1.29x—basically in sync. The annualized fee rate is +98.9%, meaning longs are paying. The side “digging money” is actually winning: in the past hour, 66.9k was liquidated, almost all shorts; longs had only 31 dollars. In 24 hours, 1.238 million, with shorts at 93.7%.

For a two-point comparison on the drawdown side: HEMI is down 14.45%. Positions drop in sync by 20.69% to 22.54 million—its position reduction is faster than the price drop. This is true clearing. $H is down 12.24%, with 454 million in trading volume. Positions are 91.51 million and only drop 6.77%. The drawdown is 1.8x the rate of de-risking, and the annualized fee rate is still hanging at +19.8%—longs are paying even while prices fall. If they don’t admit defeat, usually it just means the drop isn’t finished yet.

Background data: in the past hour, total liquidations across the whole network were 14.8 million, with 21,470 trades. Shorts account for 97.3%—the most one-sided hour today. For liquidation amounts: ETH 6.207 million, BTC 5.044 million, with longs only 16.9k. Over 24 hours it’s 98.68 million and 46.6k trades; longs then account for 58.1%. Change the time window and the direction flips. Position side: BTC 41.14 billion up 0.26%, ETH 20.74 billion up 1.01%, HYPE 2.37 billion up 4.17%. Fear & Greed index is 31, altseason 62.

When you look at the gainers list, do you check how much it’s up first, or whether the position size has kept up?

#涨跌幅 #持仓量 #资金费率 #short squeeze

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