SUSHI fell about 2.5%, while Binance funding remained slightly negative at around -0.009%. Yet over the 24-hour window, about $148,000 in longs were liquidated, compared with about $202 in shorts—a roughly 734-fold difference. Shorts were paying, but liquidations were almost entirely concentrated on longs.

Binance: about $0.2046 (-2.5250%); OKX: about $0.2046 (-2.5714%). Over 24 hours, long liquidations totaled about $148,000 and short liquidations about $200, for roughly $148,000 in total across 60 liquidations. Over 12 hours, liquidations on both sides were only a few hundred dollars. Open interest was about 2.99 million on Binance and 980,000 on OKX; funding was slightly negative at around -0.009%.

The funding structure suggests shorts are paying, yet the position drawdown window liquidated longs first—more consistent with long deleveraging that negative funding failed to protect against than with a short-side leverage collapse.

#SUSHI #资金费率 #持仓量 #Liquidations

Funding is slightly negative at around 0.009%, yet roughly 700 times more longs were liquidated—is this a SUSHI long squeeze, or liquidity being drained amid negative funding?

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