Negative funding rates change the cost of holding short positions, but price doesn’t necessarily follow right away. The $SKDD 8-hour funding rate fell to -0.1485%, so shorts are paying, but the mark price of 12.425 and the current price of 12.405 are practically identical—the basis hasn’t blown out. The market tends to read extreme negative funding as a sign that a short squeeze is imminent. But two figures don’t add up for me: the price is already up 10.46% in 24 hours, so some of the squeeze may have already played out; trading volume is only $14.77 million, not enough to suggest big players are stubbornly holding short positions. It’s more likely that a thin order book is amplifying the funding rate. There are 479 minutes until the next settlement, so that fee is still a long way from being realized.
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