Just checked out this perpetual contract leaderboard, and the most eye-catching thing isn't the price increase, but that some are still holding on tightly while being squeezed on both sides.

$BTW +65.0%, this isn't a pulse that dissipates easily without volume; the trading volume is $128 million, and open interest (OI) has surged to 38.5%.
Taker 1.16 indicates that aggressive buying is stronger, but the long-short ratio is only 0.65, suggesting retail traders are not as willing to chase, and the order book has a bit of a squeeze-out feeling.
$FIDA +51.4%, this is the most dramatic structure today.
Funding rate -0.348%, indicating that short sellers are paying quite a premium, and OI has exploded by 249.6%. This isn't slow accumulation; funds are rushing into the market within an hour.
The more this kind of position is dragged out, the more likely it is to produce a big wave, because short sellers' costs have been pushed to the forefront.
$LAB +43.5%, trading volume directly reached $486 million, more like a name with concentrated capital from the entire market.
Funding rate is close to neutral, with OI increasing by 24.8%, indicating that it's not just extreme fee pressure squeezing out positions, but that trading volume and open interest are rising together. The sustainability depends on whether the volume can hold up.
The following few are not weak either, but lack the depth of the top three.
On the decline list, OPN -44.9% with OI down 36.5%, BLUAI -31.3% with OI down 40.6%, more like a stampede after capital withdrawal rather than a simple correction.
The overall atmosphere is clear: funds are clustering around a few high-beta names with trading volume and OI changes.
The short squeeze candidates mainly focus on BTW and FIDA, especially FIDA, where short costs are already extreme. The more this structure drags on, the easier it is to trigger a move.
Next, keep an eye on whether $FIDA's funding rate remains extreme, whether $BTW's OI can continue to hold, and whether $LAB's trading volume will shrink.

Assisted by Claude Opus 4.8 model; this is not investment advice, please make your own judgment.