Bottom line: Funding rates for XLM have turned negative on several major exchanges. On Gate, the annualized rate is around -17%, meaning shorts are paying longs, yet open interest has shrunk by 7% in a day.
Settled every 8 hours, Gate's funding rate is -0.0158%, equivalent to an annualized rate of about -17.3%. Binance and Bybit are also at around -9.3% and -7.1%, respectively. Negative funding rates mean shorts pay longs, so shorting comes at a significant cost.
Long and short positions are not aligned: 76.1% of traders on Bybit are long, compared with 76.5% on HTX, while Binance is at just 52.0%. Open interest across all exchanges is about $261 million, down 7.0% in 24 hours. Exchanges with a high proportion of long positions are reducing their exposure while paying funding fees.
$XLM
Shorts are paying funding while holding their positions—do you think XLM will keep squeezing higher?
View in real time: https://www.coinboss.com/zh/funding-rate