The funding rate fell below -1%, yet the price rose 4.54% over the last 4 complete hours. As of 02:16 (UTC), Binance public data showed that spot and perpetuals were up 2.01% and 2.76%, respectively, over 24 hours for $ERA , indicating a clear divergence between short-term pricing and holding costs.
Perpetuals rose 3.61% in the previous complete hour, while trading volume increased 71.23% from the prior hour; OI in contract units also rose 2.84%. Trading volume over the last 4 hours was 2.80 times that of the previous window, suggesting the rebound is accompanied by new leverage. However, OI increased by only 0.96% over the 30-point window, so confirmation from medium-term positioning remains weak.
⚠️ The indicative funding rate is approximately -1.0435%, while the latest actual settlement was only -0.2066%. The indicative rate can still change before settlement. A negative funding rate also does not prove that all new positions are shorts, nor does it alone imply that a short squeeze will continue.
A continued move higher is worth watching only if a complete hourly candle holds above 0.06484 USDT on increased volume and OI expands moderately. If the price falls below 0.06115 USDT on rising volume while OI does not contract, beware of a reversal unwinding crowded leverage. I don’t chase a rally after a single high-volume candle.
* NFA, DYOR
Perpetuals rose 3.61% in the previous complete hour, while trading volume increased 71.23% from the prior hour; OI in contract units also rose 2.84%. Trading volume over the last 4 hours was 2.80 times that of the previous window, suggesting the rebound is accompanied by new leverage. However, OI increased by only 0.96% over the 30-point window, so confirmation from medium-term positioning remains weak.
⚠️ The indicative funding rate is approximately -1.0435%, while the latest actual settlement was only -0.2066%. The indicative rate can still change before settlement. A negative funding rate also does not prove that all new positions are shorts, nor does it alone imply that a short squeeze will continue.
A continued move higher is worth watching only if a complete hourly candle holds above 0.06484 USDT on increased volume and OI expands moderately. If the price falls below 0.06115 USDT on rising volume while OI does not contract, beware of a reversal unwinding crowded leverage. I don’t chase a rally after a single high-volume candle.
* NFA, DYOR
