Conclusion first: multiple QNT funding rates are collectively subsidized, with shorts effectively paying rent. But in the past 4 hours of liquidations, longs accounted for 80%—people who chase the rally get cut first.
Binance funding rate is -0.123%, settled over 8 hours, which converts to an annualized rate of about -135%. Bybit is also subsidizing by roughly -24%, and Gate by about -121%—this isn’t just a one-off reading from a single platform.
QNT has liquidated $215,000 in the past 4 hours, including $171,000 of long positions (79%). In the past 1 hour alone, longs were liquidated for $79,000—6 times the amount of shorts. Open interest increased by 15.6% in one day to $159 million, and leverage shows no clear signs of retreat.
The shorts take money every day to hold down the price, but longs get cleared out in the drawdown—this direction is already twisted enough. Will you choose to pay the funding rate, or wait for leverage to come down first?
$QNT
View in real time: https://www.coinboss.com/zh/funding-rate