$INIT positioning on the INITUSDT perpetual, data as of 02:22 IST, 12 Nov 2026.
Funding has been settling about every hour and has stayed negative through the selloff. Prints ran from as low as -1.67% per settlement down to -0.12% at 01:30 IST. The rate shown at 02:22 IST was -0.186% heading into the 02:30 IST settlement. When funding is negative, shorts pay longs.
The basis agrees with that stress: mark 0.14113 versus index 0.14395, a discount of about 2.0%. The perpetual is still cheaper than the index.
Open interest is 70.0 million contracts, about $9.9 million notional. Versus 24 hours ago, contracts are roughly flat, but notional is down about 38% because price fell. OI peaked near 82.4 million contracts around 15:30 IST on 11 Nov, then some of that leverage came off. Versus two days ago, contract OI is still up about 29%.
The account long/short ratio flipped from 0.75 (short-heavy) yesterday to 1.18 at 01:30 IST, or about 54% long accounts and 46% short accounts.
My read: shorts paid up during the crash, funding is less extreme now but still negative, and open interest is still elevated. That is a crowded, two-sided tape, not a clean one-way tell. I would not fade or chase this on funding alone.
Not financial advice.
$INIT #INIT #Initia #BinanceFutures
Funding has been settling about every hour and has stayed negative through the selloff. Prints ran from as low as -1.67% per settlement down to -0.12% at 01:30 IST. The rate shown at 02:22 IST was -0.186% heading into the 02:30 IST settlement. When funding is negative, shorts pay longs.
The basis agrees with that stress: mark 0.14113 versus index 0.14395, a discount of about 2.0%. The perpetual is still cheaper than the index.
Open interest is 70.0 million contracts, about $9.9 million notional. Versus 24 hours ago, contracts are roughly flat, but notional is down about 38% because price fell. OI peaked near 82.4 million contracts around 15:30 IST on 11 Nov, then some of that leverage came off. Versus two days ago, contract OI is still up about 29%.
The account long/short ratio flipped from 0.75 (short-heavy) yesterday to 1.18 at 01:30 IST, or about 54% long accounts and 46% short accounts.
My read: shorts paid up during the crash, funding is less extreme now but still negative, and open interest is still elevated. That is a crowded, two-sided tape, not a clean one-way tell. I would not fade or chase this on funding alone.
Not financial advice.
$INIT #INIT #Initia #BinanceFutures
