[Perpetuals Watch] $HYPE

On-chain perpetuals have a combined $19.5 billion in open interest, while centralized exchanges account for $186 billion — on-chain makes up 9.5%. Where this percentage heads will determine how much this sector is worth.

Among the top 5 open interest rankings, there are already on-chain ones; the highest is ranked 2nd, while the top spot is still Binance (Futures). Three years ago, there wasn’t a single on-chain one on this chart.

It matches $280 million in notional trading volume per day, with a token market cap of $1.9 billion. For every $1 of market cap, about $0.10 of volume flows through each day.

The current funding rate is +0.0042%, meaning longs are paying shorts, which annualizes to about +5%. If you want to hold this direction, first work out the carrying cost of the position.

#加密货币 #on-chain contract