【$BMT up 40%, but funding rate at -1.51%: shorts are holding on】
#热门币 #合约数据 #On-chain data
BMT is today's top gainer, up 40.38% in 24 hours, with a trading volume of 104 million. But what made me stop wasn't the gain—it was the funding rate.
$BMT is now at 0.02976, with a high of 0.03046 and a low of 0.02106.
The funding-rate trajectory is one of the most extreme sets of numbers this week: it was still -0.02404% at noon on November 2, plunged to -1.16592% at 08:00 on November 3, then hit -0.93335% at noon, -0.78490% at 16:00, -0.80049% at 20:00, and -0.76450% at midnight today. The latest reading is -1.51265%.
What does -1.5% mean? Shorts pay longs 1.5%, once every 8 hours. That's three payments a day, or 4.5%. At this rate, unless shorts actively close their positions, they keep bleeding.
Add one more figure: the mark price is 0.02977, the index price is 0.03082, and the perpetual contract is trading at a 3.41% discount. The contract is 3.4% cheaper than spot, which suggests shorts are willing to accept lower execution prices to open positions.
Open interest in contracts makes the picture even clearer. It was 130.4 million contracts 25 hours ago; now it's 215.8 million, up 65.51%. In dollar terms, it went from $2.74 million to $6.06 million, up 121.57%.
Contract count is up 65%, while price is up 40%—the price hasn't risen as much as the contract count. That suggests this move is mainly driven by new shorts chasing the price higher to open positions, not simply by short covering. Those additional contracts were opened in the 0.026 to 0.030 range, at high funding rates.
Market structure: the long/short account ratio across the market is 1.0602, the large-trader position ratio is 1.0495, and the large-trader account ratio is 0.9654. All three are clustered around 1, with almost no directional bias.
The latest 6 Taker readings: 1.0940 / 0.8882 / 1.1111 / 0.8344 / 0.9773 / 0.9968. Buying and selling are roughly even.
Volume and price tell another story. On the 1-hour chart, the November 4, 00:00 candle opened at 0.02592 and closed at 0.02802, with a trading volume of 11.45 million—2.59 times the 20-candle average of 4.42 million. The 01:00 candle then closed at 0.02933, with a volume ratio of 4.00 and RSI at 78.8. On the 4-hour chart, the volume ratio is 2.29 and RSI is 61.8. Daily RSI is 54.9, the volume ratio is 1.99, and the ATR ratio is 2.03.
Price has climbed on moderately increased volume, yet the funding rate is extremely negative. This combination usually points to one explanation: shorts are continuing to enter, and doing so aggressively enough to pay a 1.5% cost.
On-chain, Bubblemaps is an on-chain analytics tool on BSC, and it has a TGE tag. There are 34,205 holder addresses, with the top ten addresses holding 90.86%. Liquidity is 589,000, and market cap is 14.079 million—liquidity is only 4.19% of market cap. On-chain trading volume over 24 hours is 587,000, with 326,000 in buys and 261,000 in sells; there were 7,554 transactions, 3,924 buys and 3,630 sells. Large orders are buying. There are 21,670 KYC addresses, only 21 professional investors (holding 0.0111%), and 0 smart-money addresses.
On-chain, buyers are coming in; in the derivatives market, shorts are being squeezed; and 91% of the tokens are concentrated in the top ten addresses.
My take: this isn't a healthy primary uptrend. A 40% price rise that depends on a -1.5% funding rate shows that shorts haven't given up yet. Liquidity is only 4.19% of market cap, and combined with the concentrated token holdings, this structure could produce more slippage than expected if it reverses.
Three things I'm watching:
Funding rate. If -1.51% keeps falling below -2%, that means shorts are still adding to their positions. A rapid convergence back to within -0.3%, while price holds above 0.03046, would mean shorts are conceding and closing positions—a healthier signal.
Contract count. 215.8 million is the baseline. Holding and continuing to rise toward 250 million would mean new shorts are still coming in; falling back below 190 million would mean these high-entry shorts are closing out.
0.03046. The 24-hour high. A breakout followed by a 4-hour hold above it would show that the bulls have regained the initiative.
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The above is my own market log and does not constitute investment advice. Data is from Binance contracts and on-chain data, as of 08:00 on November 4, 2026.
#热门币 #合约数据 #On-chain data
BMT is today's top gainer, up 40.38% in 24 hours, with a trading volume of 104 million. But what made me stop wasn't the gain—it was the funding rate.
$BMT is now at 0.02976, with a high of 0.03046 and a low of 0.02106.
The funding-rate trajectory is one of the most extreme sets of numbers this week: it was still -0.02404% at noon on November 2, plunged to -1.16592% at 08:00 on November 3, then hit -0.93335% at noon, -0.78490% at 16:00, -0.80049% at 20:00, and -0.76450% at midnight today. The latest reading is -1.51265%.
What does -1.5% mean? Shorts pay longs 1.5%, once every 8 hours. That's three payments a day, or 4.5%. At this rate, unless shorts actively close their positions, they keep bleeding.
Add one more figure: the mark price is 0.02977, the index price is 0.03082, and the perpetual contract is trading at a 3.41% discount. The contract is 3.4% cheaper than spot, which suggests shorts are willing to accept lower execution prices to open positions.
Open interest in contracts makes the picture even clearer. It was 130.4 million contracts 25 hours ago; now it's 215.8 million, up 65.51%. In dollar terms, it went from $2.74 million to $6.06 million, up 121.57%.
Contract count is up 65%, while price is up 40%—the price hasn't risen as much as the contract count. That suggests this move is mainly driven by new shorts chasing the price higher to open positions, not simply by short covering. Those additional contracts were opened in the 0.026 to 0.030 range, at high funding rates.
Market structure: the long/short account ratio across the market is 1.0602, the large-trader position ratio is 1.0495, and the large-trader account ratio is 0.9654. All three are clustered around 1, with almost no directional bias.
The latest 6 Taker readings: 1.0940 / 0.8882 / 1.1111 / 0.8344 / 0.9773 / 0.9968. Buying and selling are roughly even.
Volume and price tell another story. On the 1-hour chart, the November 4, 00:00 candle opened at 0.02592 and closed at 0.02802, with a trading volume of 11.45 million—2.59 times the 20-candle average of 4.42 million. The 01:00 candle then closed at 0.02933, with a volume ratio of 4.00 and RSI at 78.8. On the 4-hour chart, the volume ratio is 2.29 and RSI is 61.8. Daily RSI is 54.9, the volume ratio is 1.99, and the ATR ratio is 2.03.
Price has climbed on moderately increased volume, yet the funding rate is extremely negative. This combination usually points to one explanation: shorts are continuing to enter, and doing so aggressively enough to pay a 1.5% cost.
On-chain, Bubblemaps is an on-chain analytics tool on BSC, and it has a TGE tag. There are 34,205 holder addresses, with the top ten addresses holding 90.86%. Liquidity is 589,000, and market cap is 14.079 million—liquidity is only 4.19% of market cap. On-chain trading volume over 24 hours is 587,000, with 326,000 in buys and 261,000 in sells; there were 7,554 transactions, 3,924 buys and 3,630 sells. Large orders are buying. There are 21,670 KYC addresses, only 21 professional investors (holding 0.0111%), and 0 smart-money addresses.
On-chain, buyers are coming in; in the derivatives market, shorts are being squeezed; and 91% of the tokens are concentrated in the top ten addresses.
My take: this isn't a healthy primary uptrend. A 40% price rise that depends on a -1.5% funding rate shows that shorts haven't given up yet. Liquidity is only 4.19% of market cap, and combined with the concentrated token holdings, this structure could produce more slippage than expected if it reverses.
Three things I'm watching:
Funding rate. If -1.51% keeps falling below -2%, that means shorts are still adding to their positions. A rapid convergence back to within -0.3%, while price holds above 0.03046, would mean shorts are conceding and closing positions—a healthier signal.
Contract count. 215.8 million is the baseline. Holding and continuing to rise toward 250 million would mean new shorts are still coming in; falling back below 190 million would mean these high-entry shorts are closing out.
0.03046. The 24-hour high. A breakout followed by a 4-hour hold above it would show that the bulls have regained the initiative.
---
The above is my own market log and does not constitute investment advice. Data is from Binance contracts and on-chain data, as of 08:00 on November 4, 2026.