Funds are not evenly distributed but are concentrated in a few high-volatility names for reporting and turnover.

This is not simply a broad market rally; the strongest among the Top 10 mainly differ in whether positions and transactions are keeping pace behind the gains.
$SKYAI +59.9%.
1-hour open interest (OI) directly surged to 58.3%, more like funds suddenly rushing into the same direction rather than gradual position building.
Transaction volume reached $191 million, and the increase isn’t without volume pulses, but the long-short ratio is still below 1, indicating that the chasing-high sentiment isn’t fully synchronized.
$US +52.9%.
OI exploded by 76.9%, one of the most exaggerated position expansions today.
The long-short ratio of 1.51 already leans toward the bulls, but the funding rate is only 0.005%, suggesting that the crowding effect isn’t fully reflected in costs yet; the continuation mainly depends on whether transactions can keep up later.
$LAB +41.5%.
Trading volume reached $1.9 billion, the heaviest order book among the Top 3.
More importantly, the funding rate dropped to -0.249%, meaning short positions are bearing very extreme costs, and such a structure becomes more prone to triggering a move the longer it persists.
There is also some diffusion in the back ranks, but the intensity is noticeably lower.
FLNC +41.0%, EPIC +38.2%, MRVL +30.8%, RIF +29.8%, CLO +29.7%, JTO +28.2%, PIEVERSE +25.9%.
On the downside, PORTAL -49.8% with a 72.0% decrease in OI, more like leverage exiting; SLX -29.0% but OI increased by 57.2%, indicating some new positions are still hard-top in the decline, making the structure tighter than a normal pullback.
Today’s contract market isn’t about who gains the most but about who shows simultaneous abnormality in gains, volume, OI, and funding rates.
In the short term, focus remains on the continuation of $SKYAI, $US, and $LAB , as the truly promising order books will continue to push positions and transactions higher together.
#Contract Market
Generated with Claude Opus 4.8. AI may make errors; information is for reference only.