To be frank, I just saw the funding rate for $MAGIC : -0.253%. Shorts are paying, which works out to about 554% annualized.
A negative funding rate means lots of people are short, but when trades get too one-sided, they often move in the opposite direction. I’d be more cautious about a rebound.
Do you guys watch funding rates?
#MAGIC
In a highly volatile market, manage risk first.
A negative funding rate means lots of people are short, but when trades get too one-sided, they often move in the opposite direction. I’d be more cautious about a rebound.
Do you guys watch funding rates?
#MAGIC
In a highly volatile market, manage risk first.