STORJ past 24 hours funding rate annualized -305%, the average across 14 exchanges is negative; theoretically, shorts should not be able to withstand this funding rate.
But liquidation directions are reversed. In total over 24 hours, $199,800 was liquidated; longs accounted for $178,000, or 89%, while shorts were barely liquidated.
A negative funding rate means shorts in the market are piled up thickly, but what truly can’t take it is the batch of long positions trying to bottom-buy against the trend—despite the funding being paid to them, someone still hard-held long orders, and in the end they were swept out. Binance’s single market is even more extreme: the 4-hour settlement is -0.326%, which annualizes on a daily basis to nearly -2%, making it a rare deep discount in recent times.
Check in real time: https://www.coinboss.com/funding-rate
But liquidation directions are reversed. In total over 24 hours, $199,800 was liquidated; longs accounted for $178,000, or 89%, while shorts were barely liquidated.
A negative funding rate means shorts in the market are piled up thickly, but what truly can’t take it is the batch of long positions trying to bottom-buy against the trend—despite the funding being paid to them, someone still hard-held long orders, and in the end they were swept out. Binance’s single market is even more extreme: the 4-hour settlement is -0.326%, which annualizes on a daily basis to nearly -2%, making it a rare deep discount in recent times.
Check in real time: https://www.coinboss.com/funding-rate
