SAGA’s shorts have been working for longs these past few days.
Five days ago, in a 4-hour window it got dumped from 0.074 to 0.030, and shorts flooded in afterward. Binance funding turned negative starting at 00:00 on the 27th—negative for 21 straight cycles. The most brutal one was -0.97%, with funding resetting once every 4 hours.
Add up the 21st period—shorts ended up paying a 5.7% position premium.
What’s even worse is: after 8:00 a.m. on the 28th, the price stayed stuck around 0.026. The shorts didn’t get to profit from the drop, and they still wasted another 2.5%. Binance positions fell from $40.3 million to $8.2 million—about 80% of the chips were withdrawn.
At 20:00 for this cycle, the estimate is again -0.026%, more than 4 times the previous cycle.
With you in this position, would you still open a short?
$SAGA
Real-time view: https://www.coinboss.com/zh/funding-rate/SAGA