SOXL (3x leveraged semiconductor ETF) contract long-to-short ratio hits 4.06:1. On Binance, 80.25% of positions are long.
But the funding rate is negative: Binance -0.027% per 8 hours, which annualizes to nearly -30%. Of 14 exchanges, only Coinbase, Crypto.com, and WhiteBIT have positive funding rates; the rest are all negative.
The two largest positions are Bitget at $48.18 million and Bybit at $32.30 million. Current price is $118.2.
When longs are packed together, they end up paying extra funding to shorts. In this kind of structure, once there’s a pullback, it can easily trigger a cascade of liquidation/forced closing.
https://www.coinboss.com/currencies/SOXL
But the funding rate is negative: Binance -0.027% per 8 hours, which annualizes to nearly -30%. Of 14 exchanges, only Coinbase, Crypto.com, and WhiteBIT have positive funding rates; the rest are all negative.
The two largest positions are Bitget at $48.18 million and Bybit at $32.30 million. Current price is $118.2.
When longs are packed together, they end up paying extra funding to shorts. In this kind of structure, once there’s a pullback, it can easily trigger a cascade of liquidation/forced closing.
https://www.coinboss.com/currencies/SOXL