Compared the perpetual funding rates on both exchanges: longs in $PEPE are all paying the maximum.
Binance: 0.00000450, down 0.2% on the day, 6.1% below the high.
HL open interest: about 38.69M / 29.14M for the day, ratio 1.3; OKX funding is capped at 0.01%, with open interest around 34.76M.
Buy orders across the top five levels are about 1.3x sell orders.
Funding capped, price soft, wall propping it up—I’m betting it’s just funding-rate theater. The only rebuttal: funding falls below the cap.
#PEPE结构 #Longs paying funding
Binance: 0.00000450, down 0.2% on the day, 6.1% below the high.
HL open interest: about 38.69M / 29.14M for the day, ratio 1.3; OKX funding is capped at 0.01%, with open interest around 34.76M.
Buy orders across the top five levels are about 1.3x sell orders.
Funding capped, price soft, wall propping it up—I’m betting it’s just funding-rate theater. The only rebuttal: funding falls below the cap.
#PEPE结构 #Longs paying funding