The old dog glanced at the order book of
$USAR . In the past 24 hours it’s down 5.825%, with the price resting at 16.33. The trading volume is a bit over 2.5 million dollars—not particularly active. But more importantly is the funding rate, which is firmly stuck at 0.00000000. That means neither side pays the other. For an asset that moves by nearly 6% in 24 hours, that’s a bit abnormal.
With the funding rate at zero, it suggests the market for
$USAR has fallen into a short-term deadlock in terms of direction. Neither the long side nor the short side has reached a clear consensus—or willingness to pay—to maintain their positions. Considering the open interest is over 140,000, the absolute value itself doesn’t tell us much, but taken together with the zero funding rate, it indicates that within the current positioning there are longs holding unrealized losses and shorts holding unrealized losses too, yet neither side has reached the point where they must pay fees to squeeze the other. The order book is in a fragile equilibrium. From the perspective of the semiconductor/AI chain, the data source provides no real-time information on comparable coins, so I can’t make a horizontal comparison. All I can say is that from
$USAR itself, it doesn’t show standout traits of leading gains or losses within the sector; it looks more like it’s drifting along with the broader market.
My view is that
$USAR is in the “trash time” before a directional choice. Zero funding implies there’s no clearly directional inflow of funds; the price drop is more due to the loosening of existing positions. In this kind of state, it’s easy to see fake breakouts. A real trend usually requires a clear funding-rate inflection point to confirm it. The market may be overlooking the fact that a zero funding rate is itself a signal: leverage funds are watching rather than betting.
The strongest counterevidence is that a zero funding rate could also be calm before the storm. Once price suddenly pumps with volume or dumps sharply, the funding rate may flip instantly, triggering a chain reaction. If in the next one or two trading days,
$USAR stabilizes around the current price level and the trading volume rises moderately, while the funding rate moves toward positive by even 0.001%, that would serve as a confirmation signal for a short-term rebound. Conversely, if the price continues to drift lower and the funding rate still doesn’t move at all, then it can only mean that the selling pressure is natural and not driven by leverage—making the downtrend potentially more grinding.
The second-order effect is simple: if this deadlock persists, short-term funds that depend on volatility will leave first, rotating into other assets with clearer trends, further reducing the liquidity of
$USAR .
Trading tag:
#BinanceFutures #TradFi #USDⓈM
#USAR #USARUSDT $USAR