Shorting $BARD got cheaper after the rally, even with more futures exposure still on the books.
On #Binance , shorts paid longs 1.65% of position value at the Nov. 12 20:00 UTC funding settlement. Four hours later they paid 0.72%. By 00:40 UTC on Nov. 13, the perp was up 52% over 24 hours, while dollar open interest was up 150%. The higher price explains part of that increase.
Cheaper funding alone doesn't tell you shorts are leaving. Watch open interest in $BARD units. If it falls while price holds, positions are unwinding without taking the rally down with them.
On #Binance , shorts paid longs 1.65% of position value at the Nov. 12 20:00 UTC funding settlement. Four hours later they paid 0.72%. By 00:40 UTC on Nov. 13, the perp was up 52% over 24 hours, while dollar open interest was up 150%. The higher price explains part of that increase.
Cheaper funding alone doesn't tell you shorts are leaving. Watch open interest in $BARD units. If it falls while price holds, positions are unwinding without taking the rally down with them.
