The short side is already paying to stay in the trade, but I’m not taking that as a sign the trend is about to reverse. $RLC Funding has dropped to -0.0910%, with settlement every 4 hours. Shorts are getting pretty crowded, and if they keep holding, they’ll have to pay the funding rate. Price is telling a different story: the mark price is 0.7003, the current price is 0.7054, and it’s still down 6.32% over 24 hours, with $19.07 million in trading volume. The drop and negative funding together look a little odd to me. There are about 130 minutes until the next settlement. I want to see whether this cost can ease some of the pressure on shorts—not draw myself an early picture of a rebound. Do you think shorts will start closing before settlement, or will the price keep following the downward trend?
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