The takeaway: KAS open interest rose 2.5% in a day, but longs accounted for 75% of liquidations over 4 hours, so those adding positions got hit first.
KAS open interest across all platforms is about $73.46 million. Binance open interest actually fell 2.82% in a day, accounting for 4.71% of the total; MEXC rose 3.62% to 35.27%. Clearly, capital isn't piling in the same direction.
Funding rates also diverge: Binance and Bybit charge longs 0.005% every 4 hours, equivalent to an annualized rate of about 10.95%; Gate, however, is at -0.0064%, meaning shorts are paying. Longs who want to keep holding are facing a significant cost.
Liquidations over 4 hours totaled $4,521, with shorts accounting for 75%; over 24 hours, longs made up 77% of the $14,800 liquidated. Short sellers chasing the move in the near term are getting squeezed, while longs chasing it over a slightly longer period are getting liquidated. KAS looks more like a shift in positions than a one-way market right now.
$KAS $BTC
Will you wait for the trend to align, or keep betting on one side?
View in real time: https://www.coinboss.com/currencies/KAS