Conclusion first: MAGIC shorts are effectively paying to hold out. With Bybit’s fee rate annualized at about a 700% “subsidy,” the total open interest has actually jumped 70% in a day.
This isn’t just one platform acting up: Binance fee rate annualized at about a 444% “subsidy,” Bybit at about a 700% “subsidy,” and Gate at about a 203% “subsidy.” Across 11 platforms on average, it’s still negative. Shorts are paying rent to longs every 4 to 8 hours, yet their positions don’t show any obvious retreat.
MAGIC contract open interest has surged to $81.9 million, up 70% in 24 hours. Binance accounts for 38%, Bybit for 15%, and Gate only for 11%, yet its position has added 465% in a single day. Funds are rapidly flowing into high-fee platforms.
In the past 24 hours, liquidations totaled only $45,000. Longs account for 76%, suggesting that there isn’t yet a large-scale short squeeze liquidation. It seems more like shorts continue to bet on downside despite the high costs.
$MAGIC $BTC
With so much adding to the shorts, will you keep holding, or should you withdraw first?
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