API3 shorts are paying almost 1% every 4 hours, and futures can't keep up with spot.
$API3 sat near 0.29 for two days. It's at 0.386 now, and most of the move came in the last three hours, with $22M traded in a single hour.
Spot is leading: futures trade about 2% under the spot index. Funding just printed -0.93% for the 4-hour period, about -1.85% on an 8-hour basis.
Open interest more than doubled in three hours, from $3.7M to $8.2M. Most accounts are long (L/S 1.82), but the top traders cut their long tilt from 1.83 to 1.39.
If the 2% gap holds into the next funding at 12:00 UTC, shorts pay again at a similar rate. If futures catch up with spot, that pressure eases.
$API3 sat near 0.29 for two days. It's at 0.386 now, and most of the move came in the last three hours, with $22M traded in a single hour.
Spot is leading: futures trade about 2% under the spot index. Funding just printed -0.93% for the 4-hour period, about -1.85% on an 8-hour basis.
Open interest more than doubled in three hours, from $3.7M to $8.2M. Most accounts are long (L/S 1.82), but the top traders cut their long tilt from 1.83 to 1.39.
If the 2% gap holds into the next funding at 12:00 UTC, shorts pay again at a similar rate. If futures catch up with spot, that pressure eases.
