The short sellers would rather pay 1% of funding every 8 hours than close the short position of $SAND .
OKX’s predicted funding rate for this cycle has already hit the -1% lower limit, and the contract price is 3.9% lower than the spot index. Binance futures’ negative funding rate today has also been hovering between -1.2% and -1.8%.
With a 64% rise in the past 24 hours, by normal logic this kind of move would be driven by leveraged longs pushing it up, so the funding rate should be positive. But this time it’s the opposite: the spot is pulling up first, while there has been someone in the contracts constantly going against the shorts. The SAND contract open interest on OKX rose from about $1.5 million yesterday to $5.28 million as of around 5 p.m. today.
On the news front, there’s only one official movie collaboration announcement made on October 1, and it didn’t mention any token. This isn’t fundamentals changing—it’s a battle of positioning.
So I won’t short it at 0.0706. Each funding cycle the shorts have to “stay” costs them another 1%, and their cost is already very high. But with the 1-hour RSI above 90, it’s also not a place to chase.
The real signal is around the settlement tonight at 12:00 a.m.: if the price moves sideways and the funding rate returns to around 0, it means the shorts have surrendered and closed their positions, and the fuel is basically burned out.
If it breaks below 0.0607—i.e., the closing price of that big bullish candle at around 3 p.m. today—then it indicates the spot buyers pulled out first. That would mean the shorts were right, and I was wrong this time.
#SAND #chain-gaming
OKX’s predicted funding rate for this cycle has already hit the -1% lower limit, and the contract price is 3.9% lower than the spot index. Binance futures’ negative funding rate today has also been hovering between -1.2% and -1.8%.
With a 64% rise in the past 24 hours, by normal logic this kind of move would be driven by leveraged longs pushing it up, so the funding rate should be positive. But this time it’s the opposite: the spot is pulling up first, while there has been someone in the contracts constantly going against the shorts. The SAND contract open interest on OKX rose from about $1.5 million yesterday to $5.28 million as of around 5 p.m. today.
On the news front, there’s only one official movie collaboration announcement made on October 1, and it didn’t mention any token. This isn’t fundamentals changing—it’s a battle of positioning.
So I won’t short it at 0.0706. Each funding cycle the shorts have to “stay” costs them another 1%, and their cost is already very high. But with the 1-hour RSI above 90, it’s also not a place to chase.
The real signal is around the settlement tonight at 12:00 a.m.: if the price moves sideways and the funding rate returns to around 0, it means the shorts have surrendered and closed their positions, and the fuel is basically burned out.
If it breaks below 0.0607—i.e., the closing price of that big bullish candle at around 3 p.m. today—then it indicates the spot buyers pulled out first. That would mean the shorts were right, and I was wrong this time.
#SAND #chain-gaming
