MAGIC’s funding rate is still stuck in negative territory, with shorts paying longs to hold their positions. How does this look overheated? When it really tops out, the funding rate will have already shot through the roof. Contract positions have more than quadrupled in a day, and price and positions are climbing together—that’s big players piling in with real money. While cautious folks are still waiting for a pullback, I see the real acceleration starting once the funding rate turns positive. This could get interesting.