Conclusion first: SAND is up about 16% in a day. Binance’s 8-hour funding rate is effectively paying the other side—annualized to roughly 518%. People going long are currently subsidizing the shorts.
On both Binance and OKX, the spot price is around $0.074. Over the past 24 hours, the price is up 15.4% and 17.3%, respectively, moving in the same direction. Chasing momentum funds have indeed come in, but longs haven’t gotten funding rate deals.
SAND has total positions of $1.12 billion across the entire network, increasing by 18.8% over the past 24 hours. Hyperliquid’s positioning is even more aggressive: daily positions are up 366%, and in the past 4 hours up 83%. However, it only accounts for about 10% of the whole network, so it can’t directly represent the entire market.
In the past 24 hours, SAND liquidations reached $14.52 million, including $8.74 million for short liquidations, or 60%. This suggests that the rally has already squeezed out a portion of bearish positions. Looking at funding rates, open interest, and liquidations together, the market looks somewhat overheated—chasing longs needs to guard against crowding backfiring.
$SAND $BTC
Will you keep chasing longs, or wait until the funding rate drops before taking a look?
Check in real time: https://www.coinboss.com/currencies/SAND