$SKUU Over the past 24 hours, this has fallen 3.508%, and the price is holding at 22.28. The funding rate shows 0.00000000. Old dog first puts these numbers out plainly, because this dataset is a bit inconsistent: the price is dropping, but neither longs nor shorts are paying each other—there’s no crowding in either direction.
My take is very direct: this isn’t a top squeeze and it isn’t bottom panic. In the last 24 hours, the trading volume is 894,696.36, open interest is 6,968.40, the fee rate is zero, and the order book is in a neutral pullback phase. Chasing shorts is poor value, chasing longs has no funding support. The best move is to stay flat and wait until OI gives a direction signal.
There are two parts to the evidence chain. First, the price is down 3.508%, but funding is 0. By the funding-rate rule: when longs are crowded, funding is greater than 0; when shorts are crowded, funding is less than 0. Now it’s at zero—meaning neither side is paying to maintain positions; both sides are waiting. Second, the 24h trading volume is sitting at 894,696.36, and open interest is at 6,968.40 as well, but that’s only a static snapshot; it doesn’t show whether OI is increasing or decreasing versus the previous value. So this can only be an auxiliary signal, not proof that positions are growing or shrinking.
The strongest counterargument is that a zero funding rate might just be a temporary state after a settlement reset, and it doesn’t necessarily mean long/short are balanced. If the price drops but funding doesn’t change, then either the drop is too mild to matter, or the market hasn’t reacted yet. Old dog accepts this rebuttal, so this is not a heavy-position entry point.
On the second-order impact: if price continues to probe lower, longs—having no position cost—may be more willing to hold their ground, and shorts also have no reason to quickly cover. The market could slip into a low-fee, slow grind down. The real signals worth waiting for are when funding turns from 0 to positive, or when open interest shows clear fluctuations: turning positive means the chasing-long capital starts paying to enter, while OI volatility means someone is being forced to rebalance. Until then, any one-sided bet is a bit like gambling.
My action is laid out clearly: I won’t chase shorts, and I won’t add to longs. If price stops making new lows and OI pulls back, I’ll try a long with a small position. If price breaks below 22.28 with volume and OI clearly rises, the long idea is invalid—pull out and just observe.
The condition that invalidates this judgment: price continues to grind down, but funding never turns positive. That would mean longs didn’t really enter—so the long test plan is off. The key level for
$SKUU right now is that breath at 22.28. If it can’t hold, we wait for the next chance.
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