$PUMPBTCUSDT Perpetual futures continue to rise before the scheduled settlement. To summarize first: the bias is currently to stay on the sidelines and not chase longs. We should monitor how the volume, price, and funding/fee rates change before settlement. The new information is that the price, open interest, and long positions’ average cost are all rising, and the risks are also increasing. At the initial 12:00 Beijing-time sweep, it ranked 2nd by USDT perpetuals’ 24-hour gain, with a rolling 24-hour change of about +60.12%. At 12:01 the single-coin check showed +59.13%, the current price was 0.01351 USDT, and the approximate 24-hour quoted trading value was about $41.14 million. Before the 12:09 release, the re-scan still ranked 2nd, but the rolling gain had eased back to +56.13%, with the current price at 0.01324. The chart’s snapshot time is 12:01; it cannot be treated as a real-time quote at the publication time.
Compared with a post this account published at 07:10 already (ID 373818372258434, when it was +47.41%, 0.01222, and about $20.82 million), the rolling gain increased by 11.72 percentage points, the current price is about 10.5% higher, and the quoted trading value is nearly doubled. These are comparisons of two different time points’ rolling windows; they do not represent position P&L and cannot, on their own, explain why the price is rising.
There is divergence in the short cycle. The most recently completed four-hour period from 08:00–12:00 closed up about 12.7% with trading value of $17.40 million, only about 1.2% higher than the prior 04:00–08:00 period’s $17.19 million. The latest 11:00–12:00 hour closed up about 2.7% with trading value of about $5.78 million. Price is continuing upward, but the total four-hour trading volume has not expanded noticeably in sync, so you cannot infer that the uptrend will continue based only on the magnitude of gains.
Using the same open-interest sample, open interest rose from about 270.9 million at 07:00 to about 298.9 million at 11:00, an increase of roughly 10.3%. Total open interest does not distinguish long vs. short, so you cannot determine who is adding positions from this alone. The settlement funding/fee rate at 12:00 was +1.0755% per 4 hours. A positive rate means longs pay shorts, indicating that the cost basis is relatively high; it is not a signal of price direction.
Binance’s original announcement already clarified: at 16:30, it stops accepting new non-reduce-only orders; at 17:00, it automatically settles and then delists/offboards that perpetual contract after settlement. The announcement explains the execution rules; it does not prove that the announcement caused today’s price increase. What’s worth checking next is whether, before settlement, the price can hold the latest completed hour’s low at 0.01260, and whether open interest and the positive funding/fee rate continue to rise. If the market closes below that level or experiences extreme volatility, the risk assessment must be redone. This discussion is about the $PUMPBTCUSDT perpetual contract, not about a spot token being delisted.
Compared with a post this account published at 07:10 already (ID 373818372258434, when it was +47.41%, 0.01222, and about $20.82 million), the rolling gain increased by 11.72 percentage points, the current price is about 10.5% higher, and the quoted trading value is nearly doubled. These are comparisons of two different time points’ rolling windows; they do not represent position P&L and cannot, on their own, explain why the price is rising.
There is divergence in the short cycle. The most recently completed four-hour period from 08:00–12:00 closed up about 12.7% with trading value of $17.40 million, only about 1.2% higher than the prior 04:00–08:00 period’s $17.19 million. The latest 11:00–12:00 hour closed up about 2.7% with trading value of about $5.78 million. Price is continuing upward, but the total four-hour trading volume has not expanded noticeably in sync, so you cannot infer that the uptrend will continue based only on the magnitude of gains.
Using the same open-interest sample, open interest rose from about 270.9 million at 07:00 to about 298.9 million at 11:00, an increase of roughly 10.3%. Total open interest does not distinguish long vs. short, so you cannot determine who is adding positions from this alone. The settlement funding/fee rate at 12:00 was +1.0755% per 4 hours. A positive rate means longs pay shorts, indicating that the cost basis is relatively high; it is not a signal of price direction.
Binance’s original announcement already clarified: at 16:30, it stops accepting new non-reduce-only orders; at 17:00, it automatically settles and then delists/offboards that perpetual contract after settlement. The announcement explains the execution rules; it does not prove that the announcement caused today’s price increase. What’s worth checking next is whether, before settlement, the price can hold the latest completed hour’s low at 0.01260, and whether open interest and the positive funding/fee rate continue to rise. If the market closes below that level or experiences extreme volatility, the risk assessment must be redone. This discussion is about the $PUMPBTCUSDT perpetual contract, not about a spot token being delisted.
