{quote} Aster Overview: This is a perpetual DEX built on the BNB Chain, developed by YZI Labs and receiving visible support from CZ himself, see his recent mention https://x.com/cz_binance/status/1930...t_eRDm3hS5jxiQ . It’s already seeing more trading activity than AVNT. Current price is around $0.07, putting its fully diluted valuation (FDV) near $560 million. Only about 20% of the total supply is circulating at the moment. That available supply is split, half distributed through an airdrop, and the other...
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72c. Officially 10x since i mentioned it here btw
Best case scenario is playing out so def some element of luck.
{quote} Shorted what I bought this morning at 75 on HL to hedge. Will earn funding at 3% per day along the way as well. Great swing. Still holding main bag
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Closed this short hedge for a small loss.
Am trying to be too smart with this while it’s about to breakout.
{quote} Open interest on HyperLiquid + Binance has just crossed $70m. Who is doing the shorting… Some are funding rate arb traders but blow up risk on their short perp is so dangerous
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People asking why funding rates so high on perps:
Some people saying it’s laziness to bridge and buy spot, probably to some degree but I don’t think that’s the main reason.
Basically people want to leverage long aster but the large MMs are too scared to provide liquidity on the short leg, even though they can make 1000%+ APY risk free. Two reasons for this:
1) they don’t have spot inventory to hedge against
2) they’re scared of being blown out on the short side.
Basically as long as price keeps going up, no argument to be made based off “high funding rate” that longs are offside
{quote} Open interest on HyperLiquid + Binance has just crossed $70m. Who is doing the shorting… Some are funding rate arb traders but blow up risk on their short perp is so dangerous
