Let’s state the conclusion first: TRX positions increased by 4.6% over the course of a day, but funding rates collectively flipped negative. Longs are adding, and they’re also paying the shorts.
Across the entire network, TRX perpetual contract open interest is about $330 million—up by roughly $15.2 million from yesterday. Gate’s open interest surged 32.5% in a day, but the largest share on Binance actually decreased by 2.7%. The buildup isn’t evenly distributed.
The funding rate explains the sentiment even better: Binance -0.0136%, OKX -0.0094%. Based on 8-hour settlement, the annualized figures are approximately -14.9% and -10.3%, respectively. Those going long are effectively paying out of pocket, indicating that long positions are clearly overcrowded.
In the past 24 hours, TRX liquidations totaled $98,000, with longs accounting for 99.5%—though the amounts themselves weren’t very large. Now it looks more like small long positions are being slowly unwound, while positions are still being accumulated. If you chase longs, be careful as both funding rates and leverage are tightening.
$TRX $BTC
Do you think this wave of TRX is building up energy, or is it more dangerous as the bulls keep piling on?
Check in real time: https://www.coinboss.com/currencies/TRX