$MET is up about 59% again today, but the futures data is more interesting than the price.
Binance futures (as of 4:40 p.m. Beijing time):
· Price around 0.50, 24-hour range: 0.302–0.542
· Around 0.30 a week ago, 30-day range: 0.192–0.542
· Funding rate: -0.495%, the most negative across all Binance USDT-margined futures
· Open interest rose from around $5 million a week ago to around $13 million, more than doubling in the past day
· Long/short account ratio around 0.95, with slightly more short accounts
Price is up, open interest is up, and the funding rate is deeply negative. That suggests new positions are dominated by shorts, who have to pay longs around 0.5% every funding interval.
There’s a verifiable catalyst: Meteora launched DLMM Pro this week, covered by both TokenPost and Pluang.
For comparison, an older example: when NMR’s funding rate hit -0.40% last week, it was initially squeezed higher, then fell about 16% from the price at the time of the post.
Scenario one: shorts keep getting squeezed, the price holds above 0.542 (today’s high), and the negative funding rate starts to ease.
Scenario two: it falls back below 0.433 (today’s daily low), suggesting the shorts got it right this time and the gains start to unwind.
Do you think this is a short squeeze, or are the shorts right this time?
Binance futures (as of 4:40 p.m. Beijing time):
· Price around 0.50, 24-hour range: 0.302–0.542
· Around 0.30 a week ago, 30-day range: 0.192–0.542
· Funding rate: -0.495%, the most negative across all Binance USDT-margined futures
· Open interest rose from around $5 million a week ago to around $13 million, more than doubling in the past day
· Long/short account ratio around 0.95, with slightly more short accounts
Price is up, open interest is up, and the funding rate is deeply negative. That suggests new positions are dominated by shorts, who have to pay longs around 0.5% every funding interval.
There’s a verifiable catalyst: Meteora launched DLMM Pro this week, covered by both TokenPost and Pluang.
For comparison, an older example: when NMR’s funding rate hit -0.40% last week, it was initially squeezed higher, then fell about 16% from the price at the time of the post.
Scenario one: shorts keep getting squeezed, the price holds above 0.542 (today’s high), and the negative funding rate starts to ease.
Scenario two: it falls back below 0.433 (today’s daily low), suggesting the shorts got it right this time and the gains start to unwind.
Do you think this is a short squeeze, or are the shorts right this time?