$PAYP In the past 24 hours, it rose 6.715%, but the funding rate is 0—so neither longs nor shorts paid anything. This setup is kind of interesting. As the price moves upward, in theory the long side should be paying the funding, but the funding rate stays unchanged. That suggests the leveraged long buying behind this rally may not be that strong, or the position structure is relatively balanced. The biggest unknown is the specific unit of the open interest figure, so it’s hard to tell whether the total exposure is light or heavy.

This is a single-signal read. Going forward, if the price rises along with the funding rate turning positive and open interest increases noticeably, that would be the signal that leveraged longs are truly entering.

Trading label: #TradFi #链上美股 #PAYP

Where do you think this interpretation is most likely to be wrong?