$HOT is up 11%, but people in the futures market are paying through the nose to short it.
Binance perpetual HOT is now around 0.000428, after hitting a 24-hour high of 0.000467. The funding rate is settled once an hour, and the current period is at -0.162%, which means shorts are paying longs every hour.
It’s also clear where the money is coming from: yesterday at noon Beijing time, HOT futures open interest was still around 2.3 million U; now it’s just over 5 million U, more than double. Meanwhile, 24-hour futures volume reached 150 million U, while spot volume was only 6.6 million U. I looked around but couldn’t find any related announcement. This move has basically been driven by the futures market itself.
I’m leaning bullish in the short term. When the price is moving up, shorts keep piling in, and they’re paying funding every hour, that setup is most likely to force shorts to cover. That’s what drove spot up to 0.000475 in a single hour at 3 a.m. today. When the funding rate turns positive and open interest starts to fall, that’ll mean the shorts have admitted defeat and left—the fuel will be spent. At that point, I won’t see it the same way.
#HOT #合约资金费率 $HOT
Binance perpetual HOT is now around 0.000428, after hitting a 24-hour high of 0.000467. The funding rate is settled once an hour, and the current period is at -0.162%, which means shorts are paying longs every hour.
It’s also clear where the money is coming from: yesterday at noon Beijing time, HOT futures open interest was still around 2.3 million U; now it’s just over 5 million U, more than double. Meanwhile, 24-hour futures volume reached 150 million U, while spot volume was only 6.6 million U. I looked around but couldn’t find any related announcement. This move has basically been driven by the futures market itself.
I’m leaning bullish in the short term. When the price is moving up, shorts keep piling in, and they’re paying funding every hour, that setup is most likely to force shorts to cover. That’s what drove spot up to 0.000475 in a single hour at 3 a.m. today. When the funding rate turns positive and open interest starts to fall, that’ll mean the shorts have admitted defeat and left—the fuel will be spent. At that point, I won’t see it the same way.
#HOT #合约资金费率 $HOT
