$GTC has risen more sharply than the broader market, yet people shorting it are losing money: its funding rate is -0.4148%, compared with a normal level of around 0.01%.
1. $GTC -0.4148%
2. $SAND -0.1924%
3. $EPIC +0.0285%
A negative funding rate means shorts pay longs. $GTC has gained a cumulative 27.5% over the past 7 days, and is up 201.7% from its 30-day low of 0.07661. Short sellers are losing on the price difference while also paying a rental fee. I haven’t seen any relevant breaking news, so I won’t speculate about the cause.
Next, watch to see whether the funding rate moves back toward 0.01%: if shorts start covering en masse, the rate will turn first.
1. $GTC -0.4148%
2. $SAND -0.1924%
3. $EPIC +0.0285%
A negative funding rate means shorts pay longs. $GTC has gained a cumulative 27.5% over the past 7 days, and is up 201.7% from its 30-day low of 0.07661. Short sellers are losing on the price difference while also paying a rental fee. I haven’t seen any relevant breaking news, so I won’t speculate about the cause.
Next, watch to see whether the funding rate moves back toward 0.01%: if shorts start covering en masse, the rate will turn first.