The old dog glanced over the order book of $UVXY —the funding rate had a full zero on it. In the past 24 hours it’s down 3.27%, but the funding rate hasn’t paid out to the longs nor bled to the shorts; this is uncommon for volatility products. Volume is close to two million, open interest at 76,000, and the price is hovering a bit above 18. In plain terms, the market doesn’t have consensus about future volatility—everyone’s waiting for someone else to make the first move.

Switching the angle to the semiconductor/AI chain: even though $UVXY itself is classified as Other, its underlying move is essentially betting on market panic.

Trading tag: #BinanceFutures #TradFi #USDⓈM #UVXY #UVXYUSDT $UVXY