$MET After tracking the first two posts all the way through, this round pushed the 24-hour P&L to +66.7%, with the price at 0.5189 USDT and a net gain of 10.08% over the past four hours. But what’s really worth noting is that the cost side made a full round trip during this stretch.

First, the funding rate was deep in negative territory at -0.457%, while the price was up +29.6%. Then it steadily narrowed to -0.0766%, almost back to the zero line, while the price stalled around +37%—as if the cooldown had run its course and momentum had also slowed. This time, the pattern reversed: the price moved up another notch, with the 4H high climbing from 0.4744 to 0.5468 and the P&L rising from +37% to +66.7%. But the funding rate retreated from near zero back into deeply negative territory at -0.485%, with the long-short bias clearly swinging back to the bearish side. The price hit a new high for the stretch, while funding costs returned to their most extreme level—and the two were once again moving in opposite directions.

Volume has caught up this round: 24-hour trading volume is about 40.16 million USDT, roughly 65% higher than the approximately 24.34 million in this morning’s post. But while price surged on rising volume, the short-term move is already pulling back: down 2.74% over the past hour, with the current price about 5.1% below the 1H and 4H shared high of 0.5468, and still about 17.5% above the 4H low of 0.4415. This 4H candle climbed all the way from 0.4415 to 0.5468, a high-low range of about 24%—short-term volatility is significant in its own right.

Two levels will tell us what happens next: if price gets back above 0.5468 and holds there, then we can talk about this move advancing another leg; if it falls below the one-hour low of 0.5051, this pullback shifts from consolidation to a continued decline. The next funding rate settlement is at 20:00 Taipei time. If the reading keeps converging toward zero, then the cost side has truly caught up; if it stays deep in negative territory, the tug-of-war between the two sides is still on.

Let’s keep the counterpoint in mind too: 0.5051 hasn’t been decisively broken to the downside, and a sharp rally of over 60% in a day naturally comes with big swings. This pullback may simply be giving back part of the previous move; the direction hasn’t really been decided yet.

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