Conclusion upfront: MANA is up 15% in a day, yet shorts are still refusing to give up while multiple platforms are paying out to longs to absorb the losses, and the funding rate is no longer at a normal level.
On Binance, the annualized MANA funding rate is about -794%; on Gate it’s even more extreme, with an annualized rate of about +1128% (longs being paid). With 8-hour settlement, every time, shorts have to pay money to longs, and positions haven’t been unwound yet—people who keep selling into weakness are being worn down repeatedly by time costs.
In the past 24 hours, MANA has roughly liquidated about $104,000, with shorts accounting for 59%. However, in the past hour, longs have instead made up 61%, suggesting that short-term chasing of rallies is starting to get punished. When it’s rising fast, the funding rate is negative, and direction keeps flipping back and forth, don’t treat a one-way move as risk-free.
$MANA $BTC
Do you think the bears will surrender first, or will the bulls get shaken out first?
Check in real time: https://www.coinboss.com/en/funding-rate