The 24-hour decline has reached -21.29%, yet the funding rate on $MVLLB remains at 0.0780%. The current price is 23.84, the mark price is 23.91, and the spread is narrow. Longs are still paying during the 8-hour settlement cycle. There are about 308 minutes until the next settlement; if the rate holds at this level, the cost of holding long positions will continue to rise. The 24-hour trading volume is $97.54 million, and the decline has not fully flushed out the crowded longs. With the price weakening while the funding rate remains notably elevated, it looks more like the long positions have yet to be fully cleared out than a market that has settled after bears took control.

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