ZEC pulled back 8% today to $771, but on Deribit the 8-hour funding rate for ZEC perps has risen over the past 24 hours from 0.09% all the way to 0.93%—annualized over 1000%. It is currently the most expensive long-leverage funding in the entire market.
Meanwhile, Binance’s funding rate is still around the 0.01% benchmark line, Hyperliquid is only 0.00125% per hour, and among 24 exchanges, Deribit is the only one showing an anomaly.
Price falls while funding rates rise—this suggests a group of longs are adding to positions and stubbornly holding despite the headwind. Today, ZEC shorts have been liquidated for $296,000, which is 9 times the longs—but the real test comes if the price continues to drop: whether this batch of longs, sitting on triple-digit annualized funding, gets hit from both sides.
ZEC is currently trading at $771, with a 24-hour range of $755 to $865. Over seven days it is still up 51%, and volume is $1.19 billion.
Funding rate panorama: https://coinboss.com/funding-rate
ZEC details: https://coinboss.com/currencies/ZEC
$ZEC
Meanwhile, Binance’s funding rate is still around the 0.01% benchmark line, Hyperliquid is only 0.00125% per hour, and among 24 exchanges, Deribit is the only one showing an anomaly.
Price falls while funding rates rise—this suggests a group of longs are adding to positions and stubbornly holding despite the headwind. Today, ZEC shorts have been liquidated for $296,000, which is 9 times the longs—but the real test comes if the price continues to drop: whether this batch of longs, sitting on triple-digit annualized funding, gets hit from both sides.
ZEC is currently trading at $771, with a 24-hour range of $755 to $865. Over seven days it is still up 51%, and volume is $1.19 billion.
Funding rate panorama: https://coinboss.com/funding-rate
ZEC details: https://coinboss.com/currencies/ZEC
$ZEC
