Storage and equity indices surged before facing short-selling pressure; funding rates for five major assets collectively turned negative

Odaily News, according to Hyperinsight monitoring, the three major storage tokens and US stock indices rebounded simultaneously today, but the funding rates for SKHX, SNDK, MU, S&P 500, and XYZ100 have all turned negative.

Based on current hourly rates, the 8-hour funding rates for SKHX, SNDK, and MU are -0.2544%, -0.0242%, and -0.0032%, respectively; for S&P 500 and XYZ100, they are -0.0139% and -0.0075%, respectively.

In terms of position structure, the total notional open interest for the three major storage tokens dropped from $1.022 billion to $853 million, a decrease of approximately $170 million, or 16.6%. Among them, SKHX shrank by 29.5%; by contract count, open interest for SKHX, SNDK, and MU fell by 39.3%, 5.3%, and 4.2%, respectively.

In contrast, the combined notional positions of S&P 500 and XYZ100 increased from $752 million to $781 million, a rise of 3.9%; contract counts increased by approximately 1.0% and 6.6%, respectively. With indices rising, positions increasing, and funding rates turning negative, the characteristics of newly added shorts are more pronounced.

SKHX continues to deleverage, with 43 million-dollar-level SKHX long positions reducing by a combined approximately $175 million, of which 34 addresses cleared their positions entirely; net long reduction amounts to approximately $117 million. Across all five assets, million-dollar-level addresses have reduced net longs by approximately $161 million and net shorts by approximately $271 million over the past 24 hours.