Binance MAGICUSDT perpetual funding has turned to -0.0539%, settling every 4 hours, with about 43 minutes until the next settlement. The current price is 0.107, up 36.13% in 24 hours, while the mark price is only 0.09837 USDT. Price is rising as the funding rate falls. Shorts are crowded, and short sellers still have to pay the funding rate. 24-hour trading volume is $852 million—not small—so a funding rate this negative looks pretty contradictory.
Do you think this is just a short-lived sentiment shift after the rally, or is someone stubbornly holding on?
$MAGIC #UnusualMarketMove