This round of the upswing wasn’t driven by price alone. Binance’s public data at 07:36 (UTC+8) shows that perpetual contracts are at 0.17611 for $GTC , up 55.29% over the past 24 hours; the spot price is 0.17580, up 53.59%. Both markets are moving in the same direction.
In the previous complete 1-hour period, perps rose 7.91% with trading volume up 80.93% quarter-over-quarter; spot rose 8.02% with trading volume up 98.39% in the same period. Over the most recent four complete hours, perps accumulated gains of 11.85%, with trading volume 53.21% higher than the prior four hours—near-term volume and price action are still expanding.
Positions and fees reveal sharper divergence: open interest (OI) increased by 0.60% over the last hour, and within a 48-point window it rose 53.41%. The Funding indicator is -0.6680%, while the most recent actual settlement is -0.4830%. When price, trading, and positions all move up together, shorts still pay elevated costs, suggesting the squeeze could continue. However, deeply negative Funding does not necessarily mean price must keep rising, and quantity-based OI cannot determine the direction of newly added positions.
The current unclosed hour is only about 0.32% higher than the previous hour’s close. If the full hour holds above 0.17550, and both成交量 and OI continue to expand, there would be a basis to retest 0.18277. If it breaks below 0.16120 and is accompanied by OI contraction, prioritize guarding against deleveraging at higher levels rather than simply treating the pullback as a follow-on opportunity.
In the previous complete 1-hour period, perps rose 7.91% with trading volume up 80.93% quarter-over-quarter; spot rose 8.02% with trading volume up 98.39% in the same period. Over the most recent four complete hours, perps accumulated gains of 11.85%, with trading volume 53.21% higher than the prior four hours—near-term volume and price action are still expanding.
Positions and fees reveal sharper divergence: open interest (OI) increased by 0.60% over the last hour, and within a 48-point window it rose 53.41%. The Funding indicator is -0.6680%, while the most recent actual settlement is -0.4830%. When price, trading, and positions all move up together, shorts still pay elevated costs, suggesting the squeeze could continue. However, deeply negative Funding does not necessarily mean price must keep rising, and quantity-based OI cannot determine the direction of newly added positions.
The current unclosed hour is only about 0.32% higher than the previous hour’s close. If the full hour holds above 0.17550, and both成交量 and OI continue to expand, there would be a basis to retest 0.18277. If it breaks below 0.16120 and is accompanied by OI contraction, prioritize guarding against deleveraging at higher levels rather than simply treating the pullback as a follow-on opportunity.
