$NET 24 hours of surge up 9.844%, current price 307.19, and the perpetual contract funding rate is still at zero. The price is rising while the funding rate is zero—this indicates that the buy-side is basically pushing with spot, and leveraged traders simply aren’t chasing. Open interest is 964.09; if this number doesn’t rise along with it, the rally is just an empty shell. A spot-driven one-way push is most likely to lead to a pullback.
A funding rate of zero means longs don’t have to pay, and shorts have no cost. The open-position structure looks balanced on the surface, but it’s actually fragile. Once the funding rate turns positive, arbitrage capital will immediately step in to short the spot and go long the contracts to capture the funding rate spread, and the price will be quickly pressured back. The strongest counter-evidence is when market sentiment suddenly flips bullish and the funding rate turns positive instantly—then the logic behind the rise collapses directly.
Second-order effects.
Trading tag: #TradFi #链上美股 #NET
Where do you think this assessment is most likely to be wrong?
A funding rate of zero means longs don’t have to pay, and shorts have no cost. The open-position structure looks balanced on the surface, but it’s actually fragile. Once the funding rate turns positive, arbitrage capital will immediately step in to short the spot and go long the contracts to capture the funding rate spread, and the price will be quickly pressured back. The strongest counter-evidence is when market sentiment suddenly flips bullish and the funding rate turns positive instantly—then the logic behind the rise collapses directly.
Second-order effects.
Trading tag: #TradFi #链上美股 #NET
Where do you think this assessment is most likely to be wrong?