BMT dropped 6.5% in a day. The shorts guessed the direction right, but the accounts didn’t necessarily look any better.

Across-the-board, Binance, Bybit, and Gate all had negative fee rates. Binance’s annualized rate was a 739% payback to traders, Bybit 750%, and Gate 623%. Every hour that shorts are open, they’re paying money out—even when their direction is correct, their profits get eaten away by the fees.

Even more surprisingly, in 24 hours $27,000 in liquidations occurred, and 97.7% of them were longs. When the price fell and the fee rate effectively subsidized the longs, longs still couldn’t hold on and got liquidated—leverage was simply too high.

Open interest rose 6.9% to 6.9 million, and Binance alone took up half. Even after the market fell like this, people still added positions to open shorts.

Were these liquidated long positions due to leverage being too high, or because they didn’t calculate the fee costs properly?

#资金费率 #BMT #perpetual contracts

$BMT

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