BlockBeats News, September 22nd, according to HTX market data, 0G saw a short-term surge above $7, currently trading at $6.09.
In addition, 0G surged to over 26880 Korean Won, approximately $19.32, on South Korea’s largest exchange Upbit, with a 197% premium compared to the mainstream CEX spot price at that time.
Currently, the 0G perpetual contract funding rate on Binance has reached the extreme value of -2%, with a daily rate of -12%.
BlockBeats Note: A negative funding rate indicates that shorts need to pay longs. A funding rate of -2% (calculated every 4 hours) is an extremely negative value, indicating a strong dominance of short positions. A -2% rate means shorts need to pay a fee equivalent to 2% of the position value to longs every 4 hours, amounting to a 12% fee to longs every 24 hours. If one were to short with 1x leverage using $10,000, even if the price remains unchanged and the funding rate stays at -2%, the position balance would be only $6,400 after 3 days.
