$SOPH up, target $0.00168. Below $0.00142 I'm wrong.
Perp prints 0.001498, spot prints 0.001520. That 1.4% discount means shorts pay 0.152% every 4 hours to hold the short side.
Price dropped 26.6% in 24 hours and open interest in contracts barely moved, 2.35B to 2.40B. The book did not leave, it just got cheaper. Holding that short side costs 0.9% a day in funding.
Which comes first, $0.00142 or $0.00168?
Perp prints 0.001498, spot prints 0.001520. That 1.4% discount means shorts pay 0.152% every 4 hours to hold the short side.
Price dropped 26.6% in 24 hours and open interest in contracts barely moved, 2.35B to 2.40B. The book did not leave, it just got cheaper. Holding that short side costs 0.9% a day in funding.
Which comes first, $0.00142 or $0.00168?
