Open interest in futures tied to FTT has doubled to $203 million as traders scramble to hedge against potential slide in FTX's native token. Reports godbole17.
Open interest, or the dollar amount dedicated to futures and perpetual futures tied to FTT, has more than doubled from $87.56 million to $203 million since early Asian hours, reaching a 12-month high, according to CoinGlass.or the cost of holding bullish long positions or bearish short positions has dropped sharply to an annualized -36%, per data provided by Matrixport Technologies.
The combination of rising open interest and the negative funding rate suggests traders are taking short positions on FTT. "FTT’s funding rate has dropped to -36% annualized as opening interest has doubled. Many new shorts seem to have been put on," Markus Thielen, head of research at Strategy at Matrixport, said."Trading volumes in the FTT spot market has increased from $58 million to $3 billion."
Chart shows the funding rate has dropped to an annualised 36%, suggesting that leverage is skewed on the bearish side. Griffin Ardern, volatility trader from crypto asset management firm Blofin, said,"Last week, Alameda's balance sheet was questioned, and Binance also announced that it would liquidate FTT and other assets related to the FTX exchange. That appears to have caused a panic among investors, who chose to hedge their assets such as FTT."
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