The takeaway first: ENA rose 6.4% in a day, while Lighter’s funding rate surged to around 687% annualized. Longs are paying rent as the price rises.
ENA is trading near $0.2515 on both Binance and OKX, up about 6.4% over 24 hours and peaking near $0.2625. The prices are consistent across exchanges, so this isn’t an isolated move on a single platform.
The truly extreme part is the funding rate: Lighter is currently charging 0.0784% per hour, equivalent to about 687% annualized. Binance and OKX are at around 0.005%, or 11% annualized—the degree of long/short crowding is on a completely different scale.
Shorts haven’t had it easy either. ENA liquidations totaled $980,000 over the past four hours, with shorts accounting for 63%. Open interest rose 7.2% in a day to $733 million, showing that leverage is still piling in.
$ENA $BTC
Will you keep going long, or wait for this high funding rate to come down?
View in real time: https://www.coinboss.com/zh/funding-rate