$ZKC This long-short ratio is a bit exaggerated

Let's do two analyses

1: Trading volume

24h contract trading volume 117 million spot trading volume 77M circulating market value 40M

Contract 117 million + spot 77M = about 194 million USDT

Contract accounts for about 60% (117 million / 194 million ≈ 0.603), spot accounts for 40%. This indicates that ZKC's market is dominated by leveraged trading

24h turnover rate = total trading volume / circulating market value = 194 million / 40M ≈ 4.85=485%

Normal market turnover rate <100%; >200% is common in meme coins or short-term hype assets.

A high turnover rate often indicates increased volatility. If it is retail FOMO driven, it is likely to form a bubble

If institutional participation is involved, it may be sustainable

However, combined with the previous negative funding rate and high long-short ratio, this looks more like a retail-driven pump, and the risk is that profit-taking leads to a collapse.

2: Long-short ratio

Current long-short ratio 1.5-1.6 indicates that long positions dominate the market

Typically, when the long-short ratio >1 (bullish), the funding rate is positive because long demand pushes up contract prices > spot prices, and longs need to pay shorts to balance.

However, the negative rate here indicates that despite many long positions, the contracts are still at a discount — possibly because the few shorts are of higher "quality" (smart money)

A high long-short ratio is often a precursor to a reversal — if too many people are long, any negative news or profit-taking can trigger a sell-off. The negative funding rate amplifies this: it attracts more longs (because they earn the rate), but if the shorts are correct (price correction), the longs will face significant liquidations.

Monitoring suggestions: Watch if OI continues to increase >20M (strong confirmation) or decreases <15M (exit signal). Combine with the funding rate turning positive or volume declining to judge the turning point.