SNX Funding Rate Is Much Lower Compared to the Rest of the Market

SNX Funding Rate Is Much Lower Compared to the Rest of the Market

  • Data from Coinglass suggests that speculators have a bearish outlook on SNX.
  • The annualized funding rate exceeded -200%.
  • Despite the negative outlook, the price of SNX has surged in the last 24 hours.

Recent data from Coinglass shows that the annualized funding rate for the U-based contract of Synthetix (SNX) in various exchanges once exceeded -200%. This indicates that there is a big short. This also suggests that speculators are currently bearish.

Current funding rates for SNX (Source: Coinglass)

As can be seen from the snapshot above, the lowest current funding rate for SNX is on Bybit, with a funding rate of -0.7508%. The next lowest is Binance at -0.7500%. Following these two rates are Okex at – 6946% and FTX at -0.2032%.

The negative funding rates for SNX are much lower than that seen across the rest of the crypto market. For example, BTC and ETH’s rates are around 0.01% each.

Looking at the 24-hour performance of SNX, its price is up 79.61% compared to the previous day, according to CoinMarketCap. The price of SNX at the time of writing is now $2.77 as it has also strengthened against BTC and ETH by 61.87% and 54.45% respectively.

There has also been a surge in trading activity around SNX as the 24-hour trading volume is up 1,267.49% in the last 24 hours to take the total daily volume to $331,754,890.

Another statistic that has increased for SNX is the number of holders which has risen from 86,401 on June 18 to its current number of 86,439. Although not a lot more holders than that of June 18th, it is a break in the trend seen from June 16th that saw the number decreased.