Storage Trio and Major Indices Record Negative Funding Rates Following Rally

ME News report, July 31 (UTC+8): According to Hyperinsight monitoring, storage sector leaders and U.S. stock indices rebounded in tandem today, but funding rates for SKHX, SNDK, MU, S&P 500, and XYZ100 have all turned negative. Based on the current hourly rate, the 8-hour funding rates for SKHX, SNDK, and MU are -0.2544%, -0.0242%, and -0.0032% respectively; for S&P 500 and XYZ100, they are -0.0139% and -0.0075% respectively. In terms of open interest, the combined notional value of the three storage leaders decreased from $1.022 billion to $853 million, a reduction of approximately $170 million, or 16.6%. SKHX saw the largest decline at 29.5%; in terms of contract volume, open interest for SKHX, SNDK, and MU fell by 39.3%, 5.3%, and 4.2% respectively. In contrast, the combined notional value of S&P 500 and XYZ100 positions increased from $752 million to $781 million, a rise of 3.9%; contract volumes increased by approximately 1.0% and 6.6% respectively. With indices rising, open interest increasing, and funding rates turning negative, the emergence of new short positions is more pronounced. SKHX continues its deleveraging trend: 43 million-dollar-level long positions in SKHX collectively reduced their exposure by approximately $175 million, with 34 addresses fully closing their positions; net long reduction amounted to about $117 million. Across all five assets, million-dollar-level addresses reduced net longs by approximately $161 million and net shorts by approximately $271 million over the past 24 hours. (Source: ODAILY)