$WAL +~36%/24h, peaked at 0.0536, its highest on Binance since June 2, but perp funding is deeply negative.
• 24h spot volume ~14 million USD (~14× the 30-day average); perp volume ~110 million USD, ~8× spot.
• Perp OI rose from ~2.9 to ~7.4 million USD since 7 a.m. (~2.5×). Funding settled at -0.63%/4h at 15:00 ICT; the 19:00 rate is forecast at ~-0.56%.
• Context: On October 12, DATA Network selected Walrus as its default storage layer; I haven’t seen any new news to explain this afternoon’s rally.
My take: I think the price and OI rising together while funding is deeply negative suggests shorts are opening positions against the uptrend, so in my view, volatility could be very high in both directions around the upcoming funding periods.
Not financial advice.
• 24h spot volume ~14 million USD (~14× the 30-day average); perp volume ~110 million USD, ~8× spot.
• Perp OI rose from ~2.9 to ~7.4 million USD since 7 a.m. (~2.5×). Funding settled at -0.63%/4h at 15:00 ICT; the 19:00 rate is forecast at ~-0.56%.
• Context: On October 12, DATA Network selected Walrus as its default storage layer; I haven’t seen any new news to explain this afternoon’s rally.
My take: I think the price and OI rising together while funding is deeply negative suggests shorts are opening positions against the uptrend, so in my view, volatility could be very high in both directions around the upcoming funding periods.
Not financial advice.