Shorting Pressure Hits Storage and Index Rebound, Top Five Assets' Funding Rate Turns Negative

July 31st, according to Hyperinsight monitoring, the storage triad and the US stock index rebounded simultaneously today, but the funding rates of SKHX, SNDK, MU, S&P 500, and XYZ100 have all turned negative.

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

In terms of open interest structure, the total nominal open interest value of the storage triad has decreased from $1.022 billion to $853 million, a decrease of approximately $170 million, a 16.6% decrease. Among them, SKHX shrank by 29.5%; in terms of contract quantity, the open interest of SKHX, SNDK, and MU decreased by 39.3%, 5.3%, and 4.2% respectively.

In contrast, the total nominal open interest of S&P 500 and XYZ100 has increased from $752 million to $781 million, a 3.9% increase; the contract quantities have increased by approximately 1.0% and 6.6% respectively. With the rise of the index, increased open interest, and negative funding rates, the characteristics of additional short positions are more prominent.

SKHX continues to deleverage, with a total reduction of approximately $175 million in long positions of SKHX in the million-dollar range, with 34 addresses liquidating their positions; a net reduction of long positions by about $117 million. Across the five targets, million-dollar addresses have a net decrease in long positions of approximately $161 million and a net decrease in short positions of about $271 million in the past 24 hours.