$IRYS went from $0.022 to $0.13 in 24 hours: +495% on the Binance perp, and the last two hours did most of the work.
What the derivatives side shows (17:18 UTC): • Open interest: ~$12M → ~$100M in a day, about 3x since 15:00 UTC alone • 24h volume: $1.44B on a coin that was barely moving yesterday • Funding: next payment estimated at +0.62% per 4h (~1,350% annualized), up from 0.005% this morning • Perp trades ~6% above the index • Accounts: 73% short vs 27% long
Most accounts are positioned against the move while longs pay heavy funding every 4 hours. The 15m chart already printed a wick to $0.17 and a pullback to $0.11 within one candle, so volatility is extreme in both directions.