Holy shit, the market maker is manipulating things again. AKE fell 28% in a day, then bounced 23%, while funding got even more extreme
AKE completed a full cycle in a single day.
Binance mark price:
11-04 21:54 0.002948
11-05 16:03 0.002501 −15.2%
11-05 17:26 0.002394
11-05 17:54 0.002129 ← Bottom
11-05 18:49 0.002619 +23.0%
11-05 19:02 0.002629
From yesterday, it fell 27.8% to its low. From the low, it bounced 23.0% in a little over an hour.
It’s still 10.8% below yesterday’s price.
People trading futures usually look at this figure to judge whether anyone was forcibly liquidated. At the same time, across the entire market, among 2,311 contracts with open interest over $1 million, the median deviation was 6.3bp and the 99th percentile was 65bp.
AKE was at −877.6bp. The top six were all AKE—seven exchanges simultaneously drove its price 7% to 9% below the index.
This doesn’t mean “this coin is 8.8% cheaper.”
It means someone was forced to trade at a price 8.8% below what it “should be worth” during that minute. Liquidation orders don’t care about the price, only whether there’s enough margin.
Then there’s the funding rate
On Binance, AKE’s funding rate:
21:54 −0.038%/day
16:03 −0.320%
17:26 −0.270%
17:54 −3.240%
18:49 −5.687%
19:02 −5.299%
The price bottomed at 17:54; the funding rate peaked at 18:49.
Bybit was even more extreme: at 17:54, it hit −2.000000%/8 hours, three times a day—that’s −6.000%/day.
Then it bounced 23%, and open interest rose from 34.12M to 38.03M, adding back 3.91M.
When the price rises and open interest rises, there’s only one explanation: new money has come in.
AKE completed a full cycle in a single day.
Binance mark price:
11-04 21:54 0.002948
11-05 16:03 0.002501 −15.2%
11-05 17:26 0.002394
11-05 17:54 0.002129 ← Bottom
11-05 18:49 0.002619 +23.0%
11-05 19:02 0.002629
From yesterday, it fell 27.8% to its low. From the low, it bounced 23.0% in a little over an hour.
It’s still 10.8% below yesterday’s price.
People trading futures usually look at this figure to judge whether anyone was forcibly liquidated. At the same time, across the entire market, among 2,311 contracts with open interest over $1 million, the median deviation was 6.3bp and the 99th percentile was 65bp.
AKE was at −877.6bp. The top six were all AKE—seven exchanges simultaneously drove its price 7% to 9% below the index.
This doesn’t mean “this coin is 8.8% cheaper.”
It means someone was forced to trade at a price 8.8% below what it “should be worth” during that minute. Liquidation orders don’t care about the price, only whether there’s enough margin.
Then there’s the funding rate
On Binance, AKE’s funding rate:
21:54 −0.038%/day
16:03 −0.320%
17:26 −0.270%
17:54 −3.240%
18:49 −5.687%
19:02 −5.299%
The price bottomed at 17:54; the funding rate peaked at 18:49.
Bybit was even more extreme: at 17:54, it hit −2.000000%/8 hours, three times a day—that’s −6.000%/day.
Then it bounced 23%, and open interest rose from 34.12M to 38.03M, adding back 3.91M.
When the price rises and open interest rises, there’s only one explanation: new money has come in.
