The takeaway: JUP open interest rose 4.66% in just over a day, while funding rates turned positive on Binance, OKX, and Bybit. Longs are paying to hold their positions, so chasing the rally isn't easy.
Total futures open interest is about $78.84 million, up roughly $3.5 million. More leverage doesn't mean the price has to rise; a move in the opposite direction would amplify pressure from the new positions.
Funding rates are around 0.005% on Binance, OKX, and Bybit, which works out to roughly 11% annualized with settlement every 4 hours; Hyperliquid is around 0.00125%. With continuous settlements, longs have to keep paying.
Binance open interest is about $17.73 million, or 22.49%; Hyperliquid is about $15.43 million, or 19.57%. If JUP trades sideways, longs will have to bear the funding costs first; if it falls, the added leverage will amplify liquidation pressure.
Do you think JUP is making a rebound, or are the longs already too crowded?
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