Conclusion up front: QNT open interest fell by 2.5% in a day, but mainstream contract funding rates have turned negative across the board—shorts are effectively paying to hold their positions.
Total open interest across the whole network is about $159 million. Surprisingly, Binance open interest increased by 1.67%, accounting for 32.5%. MEXC also added 7.9%. The two are taking on new positions, while cancellation on other platforms pulled the overall volume down.
More interesting fee dynamics: Binance per cycle -0.048%, Bybit -0.061%, settled every 8 hours; a simple annualized approximation is about -53% and -67%. Negative funding rates mean shorts pay longs. The more crowded the shorts, the more likely they are forced to cover on a rebound.
This isn’t a one-direction bullish signal. Total open interest is still falling, suggesting capital isn’t broadly rushing in. What it looks like now is shorts crowded together while longs are probing; next, we need to see whether open interest can stop dropping and turn upward.
$QNT $BTC
With such a deep negative funding rate, do you think QNT is brewing a rebound, or will it continue to grind down the shorts?
Check in real time: https://www.coinboss.com/currencies/QNT