$ERA 16:40 ICT 18/10: perp funding hit the −2% floor yesterday, Binance switched to hourly settlements, OI nearly doubled.
• Funding: The 19:00 ICT 17/10 settlement came in at −2%, after which ERAUSDT switched from a 4-hour to a 1-hour interval. The next 21 hourly settlements were all negative, totaling about −3.9%. Perps are trading about 2.3% below the index.
• OI: About 55 → 114 million tokens (15:00 ICT 17/10 → 16:00 ICT 18/10), or about $3.2 → $8.4 million, rising right after the monthly unlock of about 23.3 million ERA on 17/10.
• Spot: About $0.058 (16/10) → $0.074 (up about 28%); Binance volume was about $12 million (about 4.6× the 30-day average). Upbit KRW-ERA 24-hour volume was about $28 million, with “volume spike” and “deposit spike” alerts active.
• About 61% of accounts are long; top traders are about 58% long by position.
Take: Spot is still rising while perps trade at a discount and shorts pay funding every hour. So, in my view, selling pressure around the unlock is concentrated in perps, and holding shorts is now much more expensive than it was two days ago.
Not financial advice.
• Funding: The 19:00 ICT 17/10 settlement came in at −2%, after which ERAUSDT switched from a 4-hour to a 1-hour interval. The next 21 hourly settlements were all negative, totaling about −3.9%. Perps are trading about 2.3% below the index.
• OI: About 55 → 114 million tokens (15:00 ICT 17/10 → 16:00 ICT 18/10), or about $3.2 → $8.4 million, rising right after the monthly unlock of about 23.3 million ERA on 17/10.
• Spot: About $0.058 (16/10) → $0.074 (up about 28%); Binance volume was about $12 million (about 4.6× the 30-day average). Upbit KRW-ERA 24-hour volume was about $28 million, with “volume spike” and “deposit spike” alerts active.
• About 61% of accounts are long; top traders are about 58% long by position.
Take: Spot is still rising while perps trade at a discount and shorts pay funding every hour. So, in my view, selling pressure around the unlock is concentrated in perps, and holding shorts is now much more expensive than it was two days ago.
Not financial advice.