SOL perp funding hit the 0.0100%/8h cap on Binance, Bybit, and Gate simultaneously.
That is 32.9% APR paid by longs. Right now.
Bybit shows 66.9% long bias, 2.02x ratio. Binance shows 61.4% long. $2.46B in open interest sitting on the same side of the trade.
One week ago Binance SOL funding was -0.0134%/8h. The crowd reversed completely in under 48 hours.
The pattern: when three major exchanges hit the funding cap together with this level of directional skew, the rate historically mean-reverts within 1-2 settlement periods.
Settled has YES/NO markets on SOL funding resolving every 8 hours. The crowd is coiled.
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