Last week, I was still treating negative funding rates on both sides as a prelude to a rebound. Today, after checking the books:
$HYPE Binance: 80.59, down 0.5% on the day and 2.4% below the high.
HL open interest: about 1.64B / 440M daily volume, a ratio of 3.8; funding rate around -0.004%. OKX: around -0.002%.
Daily perpetual funding: about 2.97M; bids across the top five levels are about 5.6 times the asks.
Shorts earning funding plus a bid wall, but the price is still weak—funding-rate spread relief, not a rebound.
#HYPE结构 #PerpetualFundingRates
$HYPE Binance: 80.59, down 0.5% on the day and 2.4% below the high.
HL open interest: about 1.64B / 440M daily volume, a ratio of 3.8; funding rate around -0.004%. OKX: around -0.002%.
Daily perpetual funding: about 2.97M; bids across the top five levels are about 5.6 times the asks.
Shorts earning funding plus a bid wall, but the price is still weak—funding-rate spread relief, not a rebound.
#HYPE结构 #PerpetualFundingRates