Shorts are so crowded that they’re paying funding. The $KMNO perpetual contract is at -0.0541%, settled every 4 hours, which means short sellers have to pay—not longs subsidizing shorts’ costs.
I compared the two prices: the current price is 0.04081, while the mark price is 0.04068. The quoted price is still slightly above the mark price, and it’s up 4.69% over 24 hours, with $20.43 million in trading volume. The price is rising, yet funding is clearly negative, and short positions haven’t fully unwound along with the price move.
There are about 30 minutes until the next settlement, so shorts will be charged once more during this short window. I see this only as crowded positioning in the funding market, not as a guarantee of what happens next.
#资金费率 #合约异动
I compared the two prices: the current price is 0.04081, while the mark price is 0.04068. The quoted price is still slightly above the mark price, and it’s up 4.69% over 24 hours, with $20.43 million in trading volume. The price is rising, yet funding is clearly negative, and short positions haven’t fully unwound along with the price move.
There are about 30 minutes until the next settlement, so shorts will be charged once more during this short window. I see this only as crowded positioning in the funding market, not as a guarantee of what happens next.
#资金费率 #合约异动