This wave is not a general rally, it's $BTW and $BABY pushing the contract market to the limit!

$BTW surged 77.0%, with a trading volume of $352 million, open interest skyrocketed 176.8%, this isn't a lack of volume pulse, it's funds squeezing in hard.
$BABY increased by 39.3%, and what's more exciting is that the funding rate dropped to -0.256%, shorts are still paying fees to hold, open interest surged another 284.6%, this kind of structure is increasingly prone to big volatility.
$CLO rose 32.9%, with only $33 million in trading volume but stronger buying pressure, open interest also increased by 42.3%, the order book seems just ignited, not like the market has already run its course.
From the fourth to the tenth: VELVET +25.7%, ALLO +21.0%, 4 +16.4%, BEAT +15.6%, Lobster +13.7%, TUT +12.6%, BAS +12.2%.
The most eye-catching on the downside is SOXL, down 31.3% but the funding rate is +0.295%, open interest still up 75.2%, longs are already bearing extreme costs.
Today’s contract atmosphere is dominated by a few high-volume names bleeding out, the key focus is whether BTW and BABY can continue to hold their ground, open interest should not only rise but also release.
#ContractMarket
Assisted by Claude Opus 4.8 model; this does not constitute investment advice, please make independent judgments.