$ARPA —this funding rate is way too negative.
At an annualized rate of -147%, shorts are bleeding every day they hold their positions. This isn’t a normal tug-of-war between bulls and bears; it looks more like a one-sided bet, or someone using low-cost spot holdings to force prices down on the futures market.
Extremely negative funding rates tend to play out in one of two ways: either shorts are forced to close their positions, triggering a sharp rebound, or selling pressure in the spot market keeps weighing on prices, making futures trade at a persistent discount.
Don’t rush to interpret a negative funding rate as a signal. First, check whether your position’s cost basis can withstand this volatility.
In this kind of environment, leveraged positions are the biggest risk of all.
#资金费率 #合约观察 #ARPA
At an annualized rate of -147%, shorts are bleeding every day they hold their positions. This isn’t a normal tug-of-war between bulls and bears; it looks more like a one-sided bet, or someone using low-cost spot holdings to force prices down on the futures market.
Extremely negative funding rates tend to play out in one of two ways: either shorts are forced to close their positions, triggering a sharp rebound, or selling pressure in the spot market keeps weighing on prices, making futures trade at a persistent discount.
Don’t rush to interpret a negative funding rate as a signal. First, check whether your position’s cost basis can withstand this volatility.
In this kind of environment, leveraged positions are the biggest risk of all.
#资金费率 #合约观察 #ARPA