The funding rate more than quadrupled in 16 hours.
The settlement at 10-12 16:00 was 0.0019%; the one at 10-13 08:00 was 0.0083%.
At an annualized rate based on settlement every 8 hours, that's now 9.1%, up from 2.1% the day before.
At the same time, the mark price was $83,485 and the index price was $83,510. The mark price was 0.03% below the index price.
The rent paid by longs quadrupled, but the price didn't make a corresponding move. This is the most notable disconnect today.
On the open-interest side, the three legs are moving in three different directions.
BTC: 92,378 → 93,419 BTC, +1.13%.
SOL: 8,442,429 → 8,688,751 SOL, +2.92%.
ETH: 2,303,432 → 2,277,307 ETH, -1.13%.
SOL is at $107.40 today, down 3.79%—the weakest of the three—yet its open interest has increased.
Adding leverage into a decline doesn't reveal the direction, but it puts the entire cost near the current price.
ETH is the only leg that's contracting.
Accounts are leaning the same way. The long/short account ratio rose from 1.4125 to 1.5013, and the share of long accounts went from 58.55% to 60.02%.
Leverage costs and account positioning are both piling into longs. The higher funding rate is the result of this crowding, not a surprise.
Volume is solid, though. In just under ten hours today, BTC's daily trading volume reached 7,475 BTC, compared with 13,530 BTC for all of 10-12,
putting the full-day estimate at about 19,000 BTC.
The issue isn't volume; it's the cost structure of these positions. Longs with costs concentrated near the current price have little tolerance for a pullback,
and they're still paying funding every day. If the direction is wrong, that's a double drain.
Sentiment is at the edge of the greed zone. The Fear & Greed Index is at 57, compared with 59 four days ago.
Key levels: $84,168–84,350 above; the 4-hour candle on 10-12 was rejected from this zone.
Below, $81,034–81,750; today's low has touched this zone once.
Three things to watch: whether the funding rate can fall back below 0.003%; whether price can close above $84,168–84,350; and whether open interest can hold above 93,400 BTC.
The first two determine leverage costs; the third shows whether anyone is stepping in.
$BTC $ETH $SOL
The settlement at 10-12 16:00 was 0.0019%; the one at 10-13 08:00 was 0.0083%.
At an annualized rate based on settlement every 8 hours, that's now 9.1%, up from 2.1% the day before.
At the same time, the mark price was $83,485 and the index price was $83,510. The mark price was 0.03% below the index price.
The rent paid by longs quadrupled, but the price didn't make a corresponding move. This is the most notable disconnect today.
On the open-interest side, the three legs are moving in three different directions.
BTC: 92,378 → 93,419 BTC, +1.13%.
SOL: 8,442,429 → 8,688,751 SOL, +2.92%.
ETH: 2,303,432 → 2,277,307 ETH, -1.13%.
SOL is at $107.40 today, down 3.79%—the weakest of the three—yet its open interest has increased.
Adding leverage into a decline doesn't reveal the direction, but it puts the entire cost near the current price.
ETH is the only leg that's contracting.
Accounts are leaning the same way. The long/short account ratio rose from 1.4125 to 1.5013, and the share of long accounts went from 58.55% to 60.02%.
Leverage costs and account positioning are both piling into longs. The higher funding rate is the result of this crowding, not a surprise.
Volume is solid, though. In just under ten hours today, BTC's daily trading volume reached 7,475 BTC, compared with 13,530 BTC for all of 10-12,
putting the full-day estimate at about 19,000 BTC.
The issue isn't volume; it's the cost structure of these positions. Longs with costs concentrated near the current price have little tolerance for a pullback,
and they're still paying funding every day. If the direction is wrong, that's a double drain.
Sentiment is at the edge of the greed zone. The Fear & Greed Index is at 57, compared with 59 four days ago.
Key levels: $84,168–84,350 above; the 4-hour candle on 10-12 was rejected from this zone.
Below, $81,034–81,750; today's low has touched this zone once.
Three things to watch: whether the funding rate can fall back below 0.003%; whether price can close above $84,168–84,350; and whether open interest can hold above 93,400 BTC.
The first two determine leverage costs; the third shows whether anyone is stepping in.
$BTC $ETH $SOL