I just checked the $LAB contract market, and the most eye-catching thing isn't the 45.37% increase, but that the shorts are still pushing in.

In 24 hours, it rose from 14.236 to 22.45, with a trading volume hitting $1.58 billion, which is no longer the volume of a obscure coin suddenly popping up.
Even more abnormal is that the funding rate is still at -0.6803%, and shorts have been paying for 8 consecutive periods.
In plain language, the price is climbing steadily, and shorts are paying every 8 hours, yet they refuse to withdraw.
Open interest has increased by 19.7% in 24 hours, and in the last hour, it added another 3.5%, now the open positions amount to $157 million.
This indicates it's not just a simple short squeeze pushing the price up, but new positions are still entering.
Many market participants see a 45% rise and instinctively think "a correction is coming," but the market structure suggests that those betting on a pullback haven't been fully shaken out yet.
The long-short ratio among retail traders is only 0.41, with longs accounting for 29%.
In other words, most ordinary accounts are hesitant to chase the rally and are more likely to be on the short side.
At the same time, the contract premium is at -4.312%, and the perpetual price is still noticeably discounted, meaning this upward move with negative premium is essentially a short squeeze happening while prices rise, and the sentiment and price are not aligned.
The most dangerous aspect of this market isn't how much it's risen, but that there are too many bears, too many paying users, and positions are still increasing.
$LAB The current trading situation is very clear: if shorts can't quickly push the price back down, the next wave of volatility is likely to be driven by liquidations and stop-loss triggers.
#Contract Anomaly
Assisted by Claude Opus 4.8 model; this is not investment advice, please make independent judgments.