$ZM Right now the order book is as quiet as if the market hasn’t opened; over the past 24 hours it’s only fallen 2.364%, and the price is hovering around 87.56, looking like it hurts nothing. But Lao Gou glanced at the derivatives data and just feels like something is moving under this dead, still surface. The volume—185,000 contracts—isn’t that big. What’s weird is that the funding rate has gone straight to zero: 0.00000000%. Neither the long side nor the short side is willing to pay first. This kind of equilibrium rarely lasts long on the TradFi-mapped underlying; once one side can’t hold, it’s easy for a sudden one-direction liquidation wave to hit.
I specifically checked the OI curve. A position size of 693.73 isn’t enormous, but in the past few hours there were several sawtooth-like small upticks, then they were pushed back down again. That suggests someone is probing with tentative entries, only to be pinned back by another wave of force. Considering the funding rate is at zero, this doesn’t look like a typical crowded longs scenario. It’s more like both sides are waiting for a catalyst. Usually, funding > 0 means longs pay shorts—then you often get top-side squeeze; funding < 0 means shorts pay longs—then it can force a short squeeze. Now it’s zero, meaning neither side has really applied force yet. Whoever goes first might end up forcing the other side to stop out.
$ZM hasn’t got any earnings-report expectations recently, and the price is basically driven purely by funding and positioning games. In situations like this, watching the order book beats reading the news.
After Zoom—a mature software stock—gets moved onto-chain via perpetual contracts, its price action often briefly decouples from the traditional US after-hours market. In Lao Gou’s memory, the last time
$ZM was in a similar state of near-zero funding and mildly accumulating OI was about two months ago. Back then it chopped sideways for four days, then suddenly surged 6% within a single day, only to retrace overnight and give back everything. People who chased higher were basically buried. Now the price structure is even weaker than it was then. Around 87 is the lower edge of the dense trading zone from the past two weeks; once that level breaks, there isn’t much defense below near 84—price could slip straight toward 80 to find support. If longs want to turn things around from this point, they need to stand firm above 89.5 with volume; otherwise, every rebound could just be an opportunity to cut positions.
Lao Gou’s take is very direct: I won’t pre-position here. Zero funding doesn’t mean safety; on the contrary, it suggests a turn is imminent. When the direction isn’t set, jumping in is just betting.
Trading tag:
#BinanceFutures #TradFi #USDⓈM
#ZM #ZMUSDT $ZM