Conclusion first: the ONE funding rate has already reversed and is effectively paying back at an annualized rate of about 1,469%, but longs have not backed off. Instead, they pushed positions higher and took the first hit from liquidations.
On Binance, ONE’s current 4-hour funding rate is -0.671%, meaning short sellers temporarily receive money, while long traders pay. The global average is about -0.414%, so it’s not just a small fluctuation from a single exchange.
In 24 hours, liquidations totaled $606,000. Longs were $352,000 (58%), and shorts were also cleared by $254,000, showing this is not a one-sided, favorable setup.
Total open interest is $35.43 million, up 24.8% over the past 24 hours. But over the last 4 hours, Binance and OKX open interest both fell by 4.1% and 5.1% respectively. New leverage is entering, yet short-term positions are starting to loosen.
$ONE $BTC
Will you buy the dip while others are overpaying, or wait for your positions to come down first?
Check in real time: https://www.coinboss.com/currencies/ONE