High funding rates don’t mean you have to get liquidated. Today, the top names on the funding-rate leaderboard have completely separated these two things.
XMR funding rate annualized median is 153.1%. Among 19 exchanges, lighter is 946%, whitebit 765%, dydx 390%, and Hyperliquid 338%—going long pays out by the hour. But in the past 24 hours, total liquidations were only $167,400, across 130 trades, with shorts accounting for $108.6k (64.9%). In the last hour, the entire market saw just 2 trades and $271. Price is 413.29. Open interest is 219 million, and in the last 24 hours it also increased by 13.04%. Positions are expanding and funding rates are rising, yet almost nobody gets liquidated—indicating this batch of long-side margin is thick; it wasn’t built up from excessive leverage.
FARTCOIN is a harsher version in the same direction. Funding annualized at 75.3% (20), price up 17.0% to 0.1817, open interest up 13.06% to 146 million. In the past 24 hours, 1.275 million in liquidations occurred, with shorts accounting for 1.211 million (95.0%); over 12 hours, 660,500 with shorts at 620,500. Longs are paying high interest while squeezing shorts upward—no wonder this money doesn’t feel wasted.
Look at which time period BEAT scores. Funding is 119.2%; all 11 are positive—aster at 165%, HTX at 164%, and bitget at 145%, topping the list. But in the last 24 hours, 1.4196 million in liquidations occurred on the long side: 871,600 longs, 61.4% of the total. Price was dumped from 0.1588 down to 0.1103, then climbed back to 0.1342—up only 0.83% in a day. In the most recent hour, it flipped again: shorts at 136,800 with 130,600 shorts making up 95.5%. Same coin—killing longs during the day, squeezing shorts in this hour. That funding-rate column didn’t move from start to end.
Only by comparing with the mainstream can you see how ridiculous these numbers are. The median funding rates for BTC, ETH, and XRP are all 10.95%—the 0.01% per 8-hour baseline. There’s no crowding at all. BTC at the current price 76,755.5 is up 6.89%; ETH 2,373.92 is up 4.13%. Even with gains like this, funding hasn’t risen. Mainstream longs aren’t piling on leverage.
The whole network just flipped direction. In the past 24 hours, 1.556 billion in liquidations occurred, with shorts at 1.244 billion (80.0%); for the 12-hour view it’s 79.3%; over 4 hours it drops to 60.5%; in the most recent hour, longs at 62.03 million, with 56.37 million longs, 90.9% of the total. For this hour specifically, BTC had 44.40 million liquidations—longs account for 42.37 million. On Hyperliquid, out of 12.70 million, long positions are 12.67 million; shorts are down to only 2.8 million USD—basically the counterparty is gone.
Funding reflects who is paying the position cost; liquidation reflects who’s having their margin wiped out first. Today these two lines don’t match at all. When picking targets, if you look only at the funding-rate rankings, you’ll pick the wrong one.
Fear and Greed Index is 72—Greed zone. Altcoin Season Index is 54—neutral.
When you see funding annualized jump into the three digits, do you treat it as a reversal signal, or should you first look at the open interest and liquidation structure?
Live view: https://www.coinboss.com/funding-rate