$HOT up to $0.000598 by Friday. Below $0.00049 I'm wrong.
Everyone sees the +19.2% day and calls it momentum. Funding says the opposite. HOT perp funding is -0.039% per 1h, so shorts pay longs roughly 0.93% a day, and the last four settled hourly rates were all negative. Price rose anyway while open interest fell 21%, from 9.85M to 7.76M. Leverage is leaving this move, not joining it. Spot turnover is only 12.1M against 326M on the perp, about 27 times less, so a squeeze here has thin spot to push through. Shorts paying 0.93% a day to fight a rising price eventually stop paying. Which comes first, $0.000598 or $0.00049?
Everyone sees the +19.2% day and calls it momentum. Funding says the opposite. HOT perp funding is -0.039% per 1h, so shorts pay longs roughly 0.93% a day, and the last four settled hourly rates were all negative. Price rose anyway while open interest fell 21%, from 9.85M to 7.76M. Leverage is leaving this move, not joining it. Spot turnover is only 12.1M against 326M on the perp, about 27 times less, so a squeeze here has thin spot to push through. Shorts paying 0.93% a day to fight a rising price eventually stop paying. Which comes first, $0.000598 or $0.00049?
