The shorts paid 8 installments on $PORTAL but haven't pushed the price down yet.

In 24 hours, it rose 39.82%, reaching a high of 0.02925, with a trading volume of 177.2M.
This isn't just small-market hype.
But what's even stranger is that the funding rate is still -0.0417%.
It means shorts are still paying to hold their positions, and the contract price is still 0.3213% below the spot price.
The price is pushing up, shorts are paying out, and the basis hasn't been corrected yet.
Open interest is only 6.4M, but it increased 9% in 24 hours and another 7.5% in the last hour.
New positions aren't slowly entering; they're suddenly squeezing in during trading hours.
The long-short ratio is 1.23, with 55% of accounts leaning long, and taker rate is 1.03, indicating active buy orders are slightly dominant.
This structure isn't just a simple price rally; it looks more like shorts are being forced into a corner by both the price surge and the negative funding rate.
The next two things to watch are:
Whether trading volume can continue to grow, and whether open interest will keep rising or suddenly reverse.
If open interest drops but the price doesn't fall, shorts might be giving up.
If open interest continues to rise and the funding rate remains negative, this squeeze isn't over yet.
$PORTAL # Contract Anomaly
This content was generated with the assistance of Claude Opus 4.8, for informational purposes only. Please verify independently.