$SEI achieved the perfect 21/21 top-rate fee — for a full week, each round stayed pinned to the 0.01% cap. The result: the price crashed 7%, and OI was cut by nearly 10% in a single day. Longs paid the most expensive toll, yet their positions were still shaken out.
On Binance, the last ~21 quarterly funding settlements for the perpetuals have all been ≥0.009% (almost all at the 0.01% cap). If estimated at the top rate, the implied annualized carry is about 11%. But the current price is 0.0745, down 7.3% in 24h, and it has already fallen below the 4H SMA20 (0.0758). Below that, watch the lower Bollinger Band at 0.070 / SMA50 at 0.068. OI volume is about -9.6% over 24h (~264M → 240M). The sell-off is accompanied by reduced positions—this is longs being squeezed out, not new shorts opening.
Even more interesting: the current cumulative funding rate has only run to around 0.0055%. Tonight at 00:00 (Beijing time), the next round will very likely break this 21-board streak. The days of paying the top rate may be coming to an end, but the moving-average structure hasn’t repaired yet. For the short term, watch whether price can reclaim 0.076. If 0.070 can’t be held, the rate cooling down is only the tail end of the stop-out wave.
Do you think this is the end of an overcrowded long liquidation cycle, or just a funding-rate breather in the middle of a decline?
$SEI #SEI #资金费率 # contract data
On Binance, the last ~21 quarterly funding settlements for the perpetuals have all been ≥0.009% (almost all at the 0.01% cap). If estimated at the top rate, the implied annualized carry is about 11%. But the current price is 0.0745, down 7.3% in 24h, and it has already fallen below the 4H SMA20 (0.0758). Below that, watch the lower Bollinger Band at 0.070 / SMA50 at 0.068. OI volume is about -9.6% over 24h (~264M → 240M). The sell-off is accompanied by reduced positions—this is longs being squeezed out, not new shorts opening.
Even more interesting: the current cumulative funding rate has only run to around 0.0055%. Tonight at 00:00 (Beijing time), the next round will very likely break this 21-board streak. The days of paying the top rate may be coming to an end, but the moving-average structure hasn’t repaired yet. For the short term, watch whether price can reclaim 0.076. If 0.070 can’t be held, the rate cooling down is only the tail end of the stop-out wave.
Do you think this is the end of an overcrowded long liquidation cycle, or just a funding-rate breather in the middle of a decline?
$SEI #SEI #资金费率 # contract data
