How crowded is this Monero rally? Fees first speak.
XMR is up nearly 8% in a day, trading at $572 and hitting a high of $637. Even more outrageous is the cost of holding positions: Binance funding rate is 0.1%, ten times the typical coin’s 0.01%. It’s collected every 8 hours, with an annualized rate over 110%. Longs are basically hard-holding by paying a 0.3% “rent” every day—afraid of being thrown off the train.
None of the 18 exchanges’ fee rates is negative. Total open interest across the network increased by 11.6% in a day, breaking $279 million—money is still pouring in.
Shorts are even worse off: $527,000 liquidated in 24 hours, 77% of it is shorts. Short-squeezes plus higher funding fees leave both sides bleeding.
How much longer do you think Monero can keep rising?
$XMR
View in real time: https://www.coinboss.com/funding-rate