To sum up: the MOVE shorts are paying a high price. In this period, Bybit’s fee rate annualized is an effective negative return of 284%, and the short positions are already packed to capacity.
Binance fee rate is -0.0775%, and Bybit is -0.1298%; both are settled every 4 hours. Converted, shorts are effectively paying back about 0.46% to 0.78% per day. Bybit’s cost is close to 1.7 times Binance’s, and even range-bound movement will be eroded by funding fees.
This isn’t just a small platform fluctuation: across 13 exchanges, most fee rates are in negative territory. If shorts only wait for the price to drop without accounting for carrying costs, they may be worn down by time even if the direction is right; once the price rebounds, crowded short positions may further accelerate their buyback.
$MOVE
Will you continue shorting at this backdoor fee rate, or wait for the shorts to get crowded and ease up first?
View in real time: https://www.coinboss.com/zh/funding-rate