Prices are rising, but it’s the shorts who are paying. I see $DYM trading at 0.02048, up 16.03% over 24 hours. You’d expect longs to be more crowded, yet the funding rate has fallen to -0.0626%. This is a contract funding rate settled every 4 hours, and it’s notably negative. That means short positions are relatively crowded, and shorts have to pay longs. The 24-hour trading volume is only $7.04 million, so liquidity is thin. Seeing the funding rate pushed this low, I don’t read it as a long-side frenzy. Rather, shorts are still clinging to their positions, paying the cost every settlement cycle.
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