ORCL just ripped 7.5 points, with a 24-hour trading volume skyrocketing to $20 million. Typically, this perp doesn't have this many eyes on it. The funding rate is at 0.0003, slightly positive, meaning the longs are footing the bill but it's not extreme. Open interest is sitting at 19204, which seems like the spot market is pushing the contracts, rather than the contracts themselves building a liquidation wall.
With price up and funding positive, those chasing the highs are already paying the protection fee. This kind of setup is most vulnerable to sudden liquidity pulls, as the order book is thin; if spot sells off, the contracts won't have time to react.
Trade tags: #BinanceFutures #TradFi #USDⓈM #ORCL #ORCLUSDT $ORCL
With price up and funding positive, those chasing the highs are already paying the protection fee. This kind of setup is most vulnerable to sudden liquidity pulls, as the order book is thin; if spot sells off, the contracts won't have time to react.
Trade tags: #BinanceFutures #TradFi #USDⓈM #ORCL #ORCLUSDT $ORCL