RLC is up 54% today, and shorts are paying the most funding Binance allows to stay in.
$RLC sat around 0.36 for days. This morning it started climbing and reached 0.56, most of it in the last six hours. Spot is leading: the futures price is trading about 5% below the spot index.
That gap tells you who's crowding in. Open interest is up 351% in 24 hours, and the crowd went from heavily long (L/S 2.48) to roughly even (1.01) during the run. A lot of new shorts opened into the move.
Funding is now at -2%, the cap. Shorts pay 2% of their position every 8 hours, about 6% a day if it stays there.
Something has to give. Either spot cools off and the futures discount closes, or the shorts keep paying while price holds, and the longer they wait, the more expensive staying in gets.
$RLC sat around 0.36 for days. This morning it started climbing and reached 0.56, most of it in the last six hours. Spot is leading: the futures price is trading about 5% below the spot index.
That gap tells you who's crowding in. Open interest is up 351% in 24 hours, and the crowd went from heavily long (L/S 2.48) to roughly even (1.01) during the run. A lot of new shorts opened into the move.
Funding is now at -2%, the cap. Shorts pay 2% of their position every 8 hours, about 6% a day if it stays there.
Something has to give. Either spot cools off and the futures discount closes, or the shorts keep paying while price holds, and the longer they wait, the more expensive staying in gets.
