With the funding rate this deeply negative, will shorts still be willing to pay before the next settlement? $OGN Binance perpetuals are currently at -0.0511%, settling every 4 hours, with shorts paying the funding rate. The current price is 0.03134, up 5.52% over 24 hours, while the mark price is 0.03114—very close. I’m watching the roughly 197 minutes until settlement: shorts are still crowded, and 24-hour trading volume is $17.79 million—not especially high—yet the funding rate has turned clearly negative. If the price holds above the mark price, the pressure from shorts paying remains; if it falls below 0.03114, the support this round of negative funding provides to the price will weaken.
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