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$ORCA Funding rate -0.5837%, shorts pay longs every 8 hours.
What does this rate mean? Holding a short position for one day costs about 4-5% in funding fees, and you can't hold on for many days before your principal is significantly eroded. Meanwhile, open interest (OI) is simultaneously soaring by 27.1%, with someone aggressively accumulating positions at this level.
Market sentiment shows shorts are dominant, but the funding rate tells a different story — shorts are actually bleeding longs with real money. If this extreme negative rate continues, either shorts will admit defeat and close their positions, or they will be drained by the rate.
Enter long at 1.601 current price, with a stop loss at 1.36085 leaving 15% room. Targets are 2.2 and 2.5, with a risk-reward ratio of 1:2.5.
30% position, confidence level 84%.