$PUNDIX funding rate -0.330%/4h, annualized -722%. The previous seven periods in a row were all at the baseline of 0.005%, but the latest one plunged straight into deeply negative territory.
· Open interest +44.4% in 24h, reaching $1.35M
· Open interest/market cap: 4.7%; futures trading volume is 4.2 times spot volume
· Long/short account ratio: 1.6, up 8.7% in 24h
Pundi X works on crypto payments, focusing on offline POS terminals like XPOS that can accept cryptocurrency. Put simply, it wants people to be able to spend crypto directly at convenience stores.
The funding rate jumped from the baseline straight to deeply negative, which looks more like a concentrated wave of shorting in just the last one or two periods than a buildup of long-term crowding. The price is rising while shorts continue adding positions. Longs outnumber shorts, but shorts hold larger positions. With a market cap of only $28.69M, if the shorts can't hold on, a short squeeze could send the price shooting up; if they can, the longs will gradually bleed from funding costs. It could also just be one or two large orders skewing this period, in which case the rate might return to normal next period and the scare will come to nothing.
The circulating supply is already 100%, and FDV equals market cap, so there is no unlock-related sell pressure. But there's no fundamental support either: it can rise easily, and fall just as fast.
#PUNDIX #资金费率 #妖币
· Open interest +44.4% in 24h, reaching $1.35M
· Open interest/market cap: 4.7%; futures trading volume is 4.2 times spot volume
· Long/short account ratio: 1.6, up 8.7% in 24h
Pundi X works on crypto payments, focusing on offline POS terminals like XPOS that can accept cryptocurrency. Put simply, it wants people to be able to spend crypto directly at convenience stores.
The funding rate jumped from the baseline straight to deeply negative, which looks more like a concentrated wave of shorting in just the last one or two periods than a buildup of long-term crowding. The price is rising while shorts continue adding positions. Longs outnumber shorts, but shorts hold larger positions. With a market cap of only $28.69M, if the shorts can't hold on, a short squeeze could send the price shooting up; if they can, the longs will gradually bleed from funding costs. It could also just be one or two large orders skewing this period, in which case the rate might return to normal next period and the scare will come to nothing.
The circulating supply is already 100%, and FDV equals market cap, so there is no unlock-related sell pressure. But there's no fundamental support either: it can rise easily, and fall just as fast.
#PUNDIX #资金费率 #妖币
