The bottom line: LIT open interest rose 11.5% in a day, but funding on one exchange is deeply negative, at an annualized rate of -354%. Shorts are paying on that exchange, while funding on major exchanges has not turned negative.
CoinEx's funding rate is negative, equivalent to about -354% annualized when calculated on an 8-hour basis. Binance, Bybit, and Gate remain in positive territory, so an extreme reading on one exchange shouldn't be taken as a market-wide consensus.
LIT open interest rose to $451 million, with Hyperliquid accounting for 46.2%, up 13% in a day. Liquidations shifted: over 4 hours, $58,000 was liquidated, 76% of it longs; over 24 hours, $544,000 was liquidated, 63.5% of it shorts.
$LIT
Shorts are paying on one exchange while overall open interest rises—would you go short?
View in real time: https://www.coinboss.com/zh/funding-rate