The takeaway first: SAND funding rates are negative on both major futures exchanges. Shorts are paying longs every funding round, but positions haven’t unwound yet.
Binance’s latest funding rate is -0.147%, equivalent to an annualized rate of about -161% based on 8-hour settlements; OKX is at -0.078%, or about -86% annualized. Negative funding is simple: shorts pay longs. The more crowded the short trade gets, the easier it is for shorts to be liquidated in the opposite direction during a rebound.
This doesn’t mean “the shorts have already lost.” The rates differ in magnitude across the two exchanges, which suggests that positioning isn’t equally crowded. Before chasing shorts, first see whether the price can keep holding down—don’t focus on just one minus sign.
$SAND $BTC
Do you think the short side is too crowded for SAND this time, or is the decline not over yet?
View in real time: https://www.coinboss.com/funding-rate