On one side, it’s up 15.32% in 24 hours; on the other, the funding rate has fallen to -0.0674%. $WAL is trading at 0.04013, while the mark price is holding at 0.03961—the two prices are very close.
Negative funding is often interpreted as crowded shorts, with short sellers having to pay. The only part I can verify is the payment: funding settles every 4 hours, and the next settlement is about 178 minutes away. What I can’t reconcile is the price and volume. The price is already rising, and the mark price hasn’t pulled away, so there’s no sign of shorts pushing the basis wider. Nor does 24-hour trading volume of $11.13 million support the idea that a large number of new short positions have just piled in. I see this negative reading more as a lagging effect after the rise, rather than positions continuing to build.
#资金费率 #合约数据
Negative funding is often interpreted as crowded shorts, with short sellers having to pay. The only part I can verify is the payment: funding settles every 4 hours, and the next settlement is about 178 minutes away. What I can’t reconcile is the price and volume. The price is already rising, and the mark price hasn’t pulled away, so there’s no sign of shorts pushing the basis wider. Nor does 24-hour trading volume of $11.13 million support the idea that a large number of new short positions have just piled in. I see this negative reading more as a lagging effect after the rise, rather than positions continuing to build.
#资金费率 #合约数据