$SPY: the offer side of the Binance orderbook keeps refilling near $738.
Funding sits at +0.0209% - overheated, and longs are the ones paying. Liquidity pools and stops are building below the recent low, which is exactly why I am not chasing this candle. Open interest is +2.84% in the last hour and +3.88% over four, so fresh leverage is stacking into the move. The floor is doing all the work, and I am not paying up in the middle. Price is at the bottom of the 24h range with 0.15% average travel - compression this tight usually resolves violently.
Is this absorption before a squeeze, or the trap being set for everyone buying it?
📌 $SPY · #SPX #Macro #BinanceSquare #DataDriven
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
Funding sits at +0.0209% - overheated, and longs are the ones paying. Liquidity pools and stops are building below the recent low, which is exactly why I am not chasing this candle. Open interest is +2.84% in the last hour and +3.88% over four, so fresh leverage is stacking into the move. The floor is doing all the work, and I am not paying up in the middle. Price is at the bottom of the 24h range with 0.15% average travel - compression this tight usually resolves violently.
Is this absorption before a squeeze, or the trap being set for everyone buying it?
📌 $SPY · #SPX #Macro #BinanceSquare #DataDriven
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
