USELESS—the name translated means “useless.” Today it was pumped from 0.278 all the way to 0.359, up as much as 29%; now it’s back around 0.33, with the gain narrowed to two tenths.
Bears got hit first: in 24 hours, 1.29 million USD was liquidated, accounting for 89% of that coin’s total liquidation.
Chasing the highs didn’t get you anything good either: from the peak it pulled back 6%, and the long position is floating in the red while paying rent. Binance’s contract funding rate is 0.25% per day, annualized over 90%.
Total open interest across the whole network surged by 33% in one day to 134 million USD, with 480 million USD in trading volume. Money is still pouring in, and the rates are still climbing.
Under this kind of structure, going sideways means longs lose: it can’t keep rising, but rent still gets deducted.
Would you chase a coin with the name “useless”?
Check in real time: https://www.coinboss.com/funding-rate