Scamwick

@mehdi49078920 It's a joke dude.

@Scamwick1 2.5$??? Huh?

Well at this rate, perhaps by the time the airdrop occurs spot $omg will be trading at $25 and perps $omg at $2.5🤝 #cryptocurrency #Bitcoin #Airdrop

@CryptoZomma @OzanAgan @satsdart Had a bit of a stroke when I wrote this but you probably get the point

@CryptoZomma @OzanAgan @satsdart Yes this is exactly what is happening. However the perps prices are differ a lot themselves between different exchanges. It doesn't make sense not to utilise the price gap between ftx and Binance for example, it will be gone in due time, people generally like free money

@satsdart ı really need you opinion on this please. Below are the $omg prices from futures/spot ftx and binance. As you see there is a ton of gap and its increasing every hour. What dp you think? Thanks in advance

@OzanAgan @CryptoZomma @satsdart This is very likely to happen. Arbitrage opportunities left and right, perps-to-spot and even perps-to-perps

@CryptoZomma @satsdart current funding is also -.75 so even if they succeed in keeping the binance futures $omg price down i am still getting paid. Also word will spread and people will open their longs on binance. The price will balance in a matter of hours or a day top imo.

In this case $OMG has a divergence of 10% between perps/spot price. That's massive. The airdrop in a few days will likely push spot higher, meaning as long as you aren't over leveraged you have a nice opportunity to profit in perps whenever prices snap back.

$OMG ..Spot and futures prices convergence eventually. Until that happens there exists an arbitrage opportunity. For example: Say #BTC was 66k but perps were 64k. The next day prices converge and meet at 65k. A long position on perps presented a low risk opportunity of 1k profit

@kiddy_crypto @mehdi49078920 They don't need to do anything technically. But what's reasonable is to assume a sell-off on spot after snapshot and if the gap persists shorts covering their position on perps which pushes up prices. This is anyone's guess however.

@Scamwick1 @mehdi49078920 So they need to meet in the middle at some point yeh?

About the $OMG situation in #Binance. There is currently nearly a 10% difference in price between spot and perps. This comes from hedgers buying on spot for the airdrop and shorting perps as a hedge. 1

@Positivemoney1 @DuanSegundo He's wrong basically, everyone is hedge short everywhere. Airdrop is supported on FTX too so it doesn't make sense they wouldn't also be hedged when every other exchange is

@Scamwick1 @DuanSegundo I didn't say no one is longing (I'm long myself on FTX) just that in his post he suggests FTX is short and binance and bybit are long and I was wondering what he based that statement on. Trying to understand if I miss something obvious or whether he's wrong basically

Surely this $OMG hedging scenario has squeeze potential to the upside, as amateurs are trying to do the arbitrage play, no? People who know what they're doing will be fine but clearly people are shorting on FTX and longing on Binance / Bybit. Anybody know about the airdrop?

@DuanSegundo If it gets momentum, sure it could squeeze. Final catalyst for a pump will be hedgers closing their shorts eventually after the airdrop however. I can't imagine many would be shorting this with the intention of shorting

@Positivemoney1 @DuanSegundo People are surely longing, but it doesn't matter because the funding is stuck at floor level which tells us the shorters have a much larger position

@DuanSegundo What makes you say that people are longing on binance and bybt? All I see is shorts piling up across all exchanges

@kiddy_crypto @mehdi49078920 Well yes but with the airdrop coming up in 3 days it's quite likely spot price will still rise, doesn't mean the gap couldn't be filled already before the airdrop I'm saying what's likely to happen if the gap stays is: airdrop occurs > spot dumps > perps pumps (shorts covering)

@Scamwick1 @mehdi49078920 If your saying the spot will drop to meet the perps in the middle then the perps should rise to the spot. Surely it would be better to sell spot and long perps?

@mehdi49078920 You would collect 820% APR from $OMG funding for a few days and almost be guaranteed a better position in a few days. Alternatively you could exit the long buy spot and swap back into a perp-contract long right after the snapshot. Whatever you prefer, both work.

@Scamwick1 So if i am long $omg on binance i should try to close the trade asap?

As a trader and investor you have two possible ways to play this. Either the safer play which is to long $OMG perps and collect the 821.25% APR until snapshot. The other one would be to play spot now sell into perps at airdrop, beware it may be a crowded trade. 6

What you have to understand is that futures price is dictated by shorts and long contracts being opened, not determined by spot price as many may think. When you take this into consideration, it's very obvious what will happen. 5

This is equal to buying pressure and as we can see there is currently, 3 days before the airdrop a 10% gap to be filled. If this doesn't get abused before the airdrop I guarantee you it will right after. 4

The only ways I see this ending are: spot price drops and perps rise before the airdrop (unlikely). What is likely is that spot will dump immediately after the snapshot is taken. Hedgers will however want to close their shorts at that point. 3

Arbitrage opportunities like this do not come often. Last time I saw it happen was with $RAY. It ended up in perps blasting off in the end. 2

@George1Trader The range is still there on Binance btw, 10% difference nearly between spot and perps

$OMG Lovely range play.