I did the math on my fingers: $GTC ’s funding rate for this period is -0.171%, equivalent to an annualized rate of about 373.4%.
In other words, shorts are handing longs a red envelope 🧧 every period they hold their positions. Even I don’t hand out red envelopes that often.
A one-sided funding rate doesn’t mean an immediate reversal, but it does show that leverage on this side is very crowded.
In other words, shorts are handing longs a red envelope 🧧 every period they hold their positions. Even I don’t hand out red envelopes that often.
A one-sided funding rate doesn’t mean an immediate reversal, but it does show that leverage on this side is very crowded.