Conclusion first: the QNT funding rate has already been effectively paid for—it's down to an annualized 107%—but in liquidations over the past hour, 98% were still shorts. People chasing the downside are paying to get out.
For this funding cycle, settlement is over 8 hours. Binance’s current rate is about -0.098%, which annualizes to roughly -107%. Put simply: every time shorts settle, they’re paying money to longs. The more crowded the shorts are, the easier it is for them to get squeezed out on rebounds.
In an hour, QNT liquidated $154,000, including $151,000 from shorts and only $3,047 from longs—so the directional call is way off. In the four-hour window, shorts accounted for 69% of the liquidations, which shows it’s not just a single spike, but that shorts were repeatedly squeezed and cleared.
Holdings rose to $169 million in one day, an increase of 23%; Binance holdings account for 30%, Bybit for 19%, and leveraged capital is still piling in. Fees are effectively paid back, positions are increasing, and shorts are getting liquidated one after another—this kind of market is most afraid of continuing to chase short.
$QNT $BTC
Will you wait until the shorts are squeezed out before acting, or keep betting on a pullback?
Check in real time: https://www.coinboss.com/funding-rate