BlockBeats news: As of 14:13 Beijing time on May 26, according to Coinglass data, the total open interest for SAGA contracts worldwide is approximately $21.72 million, with a circulating market cap of about $8.77 million, raising the OI/market cap ratio to approximately 2.48.
Over the past 24 hours, SAGA contract open interest increased by approximately 43.1%, while the token price rose by about 10.6%. The current weighted funding rate is approximately +0.0074%, remaining within a relatively moderate range.
This structure indicates that SAGA derivatives positions are significantly crowded relative to spot market capitalization, increasing short-term volatility risk. Note that high open interest relative to market cap does not equate to a one-sided bullish or bearish bias and may also trigger intense liquidations on both long and short sides.