$KERNEL funding rate plunged to -0.248%/4h, or -542% annualized, while the price also surged 12.3%. Shorts are taking a hit from the rally and paying to hold their positions.
· Open interest rose just 2.4% in 24h, to $1.56 million
· Open interest/market cap is 10.2%; derivatives trading volume is 3.3 times spot volume
· Long/short account ratio is 1.35, meaning there are more long accounts
KERNEL is the token of KernelDAO. Its Kelp product handles liquid restaking, while Gain is a yield vault. Put simply, they let people deposit ETH and earn yield on it repeatedly. The token was listed last April after a Binance Megadrop.
Funding rates were normal in the previous few periods, then suddenly plunged this time, while open interest barely increased. That suggests this isn’t new money coming in, but existing positions piling on each other. The market is small, so a few million dollars can be enough to squeeze one side. If spot keeps pushing higher, shorts may be the first to buckle. Another possibility is that traders think the rally has gone too far and are rushing to short a pullback—in which case longs are in greater danger.
The circulating supply is 28.9% of the total, and FDV is 3.5 times the market cap. More tokens are still due to enter circulation, so even if there’s a short squeeze, it’s more likely to be short-lived.
#KERNEL #资金费率 #WildCoin
· Open interest rose just 2.4% in 24h, to $1.56 million
· Open interest/market cap is 10.2%; derivatives trading volume is 3.3 times spot volume
· Long/short account ratio is 1.35, meaning there are more long accounts
KERNEL is the token of KernelDAO. Its Kelp product handles liquid restaking, while Gain is a yield vault. Put simply, they let people deposit ETH and earn yield on it repeatedly. The token was listed last April after a Binance Megadrop.
Funding rates were normal in the previous few periods, then suddenly plunged this time, while open interest barely increased. That suggests this isn’t new money coming in, but existing positions piling on each other. The market is small, so a few million dollars can be enough to squeeze one side. If spot keeps pushing higher, shorts may be the first to buckle. Another possibility is that traders think the rally has gone too far and are rushing to short a pullback—in which case longs are in greater danger.
The circulating supply is 28.9% of the total, and FDV is 3.5 times the market cap. More tokens are still due to enter circulation, so even if there’s a short squeeze, it’s more likely to be short-lived.
#KERNEL #资金费率 #WildCoin
