$NIL funding rate plunged to -0.173%/4h, or -379% annualized. Shorts are paying longs a toll every four hours.
· Open interest: $5.91 million, up just 1.1% in 24h
· Open interest/market cap: 17.1%; futures trading volume is 5.3x spot volume
· Long/short account ratio: 0.46; there are more short accounts
Nillion is a network for encrypted data and encrypted instructions. Put simply, orders are sealed before being put on-chain, and a group of nodes jointly decrypts and executes them only when the conditions are met. Others can’t see the strategy in advance. It has been featured on Binance Launchpool.
Funding rates in the previous periods were still relatively small, but this period they suddenly plunged this deep. That suggests shorts piled in recently. Yet total open interest hasn’t moved much, so it looks more like existing positions switching sides or adding leverage. With more short accounts, even a slight price uptick could trigger a cascade of stop-losses. There’s enough fuel for a short squeeze. Another possibility is that these shorts are funding-rate arbitrage positions hedged with spot, which would weaken the squeeze.
Circulating supply is 52.8% of total supply, and FDV is about 1.9x market cap, so unlock pressure isn’t too high. But the price has fallen nearly 20% in 7 days and 40% in 30 days. Spot buying is weak, and futures are driving price discovery. If you’re betting on a rebound, be prepared to get swept on either side.
#NIL #资金费率 #MemeCoin
· Open interest: $5.91 million, up just 1.1% in 24h
· Open interest/market cap: 17.1%; futures trading volume is 5.3x spot volume
· Long/short account ratio: 0.46; there are more short accounts
Nillion is a network for encrypted data and encrypted instructions. Put simply, orders are sealed before being put on-chain, and a group of nodes jointly decrypts and executes them only when the conditions are met. Others can’t see the strategy in advance. It has been featured on Binance Launchpool.
Funding rates in the previous periods were still relatively small, but this period they suddenly plunged this deep. That suggests shorts piled in recently. Yet total open interest hasn’t moved much, so it looks more like existing positions switching sides or adding leverage. With more short accounts, even a slight price uptick could trigger a cascade of stop-losses. There’s enough fuel for a short squeeze. Another possibility is that these shorts are funding-rate arbitrage positions hedged with spot, which would weaken the squeeze.
Circulating supply is 52.8% of total supply, and FDV is about 1.9x market cap, so unlock pressure isn’t too high. But the price has fallen nearly 20% in 7 days and 40% in 30 days. Spot buying is weak, and futures are driving price discovery. If you’re betting on a rebound, be prepared to get swept on either side.
#NIL #资金费率 #MemeCoin
