Conclusion up front: PIPPIN longs are lining up for leverage. On major exchanges, funding rates are generally positive, and Binance’s tier charges 0.0438% every 4 hours—about 96% annualized.
This isn’t an isolated quote from just one platform: Binance, Bybit, and Gate are all charging longs. That indicates that going long is overall more crowded. With 4-hour settlement, an annualized 96% doesn’t look low—holding through a full day is a real, tangible cost of capital.
Holdings are about $17.13 million, basically unchanged over the past 24 hours. Leverage hasn’t clearly receded, but the funding rate is already higher. If the price stays rangebound, longs will be worn down first by time; if it suddenly drops, the crowded positions will amplify the downside.
$PIPPIN $BTC
Would you keep going long at this funding rate, or wait for the bulls to cool off first?
View in real time: https://www.coinboss.com/currencies/PIPPIN