AXS is down 7.36% and still falling, but shorts are paying funding fees, and open interest is shrinking too. Traders are both chasing shorts and closing positions.
The AXS funding rate on Binance is about -0.0125%, equivalent to an annualized rate of around -13.7% based on 8-hour settlements. On Bybit, it's about -0.0376%, or around -41.2% annualized. Negative funding means shorts pay longs, and short positions on Bybit are significantly more costly to maintain.
Open interest across all platforms fell to $45.45 million, down about 1% in 24 hours. Binance and OKX saw declines of 12.69% and 28.36%, respectively. With the price near its 24-hour low, watch to see whether positions continue to unwind.
Will you wait for AXS to stop falling, or do you think the shorts haven't been squeezed enough yet?
View in real time: https://www.coinboss.com/funding-rate