KAITO’s hourly funding rate fell further to about -0.334% on Aug. 10, slipping below its 7-day P5 level, according to TradingBeats, formerly Hyperinsight, as cited by BlockBeats.
On a static calculation, a $10,000 short position would need to pay longs about $33.4 per hour, or roughly $801 over 24 hours. The implied annualized funding return for longs was about 2,923%.
KAITO was quoted at $0.6577, down about 4.3% over 24 hours. Its mark price was trading at an approximately 2.98% discount to the oracle price. Open interest fell further to about $8.056 million, down 52.1% from $16.83 million 24 hours earlier.
Price decline lagged the drop in open interest
The data showed that KAITO’s price decline was much smaller than the contraction in open interest, while negative funding, futures discount and position reduction appeared at the same time. BlockBeats said this looked closer to deleveraging and pricing dislocation formed after rapid exits by existing longs and shorts, rather than a fresh one-sided influx of new short positions.
Even with extreme negative funding tilting in favor of longs, existing long holders were still exiting positions.
Whale address 0x2be fully closed its position
A whale address beginning with 0x2be was one of the main longs cleared out in this round. The address had an average KAITO entry price of about $1.0559. Starting in the morning, it continued to unwind long exposure and by the evening had sold 2.086 million KAITO and fully closed the position.
The weighted average exit price was about $0.6695, with total closing turnover of about $1.396 million. The cumulative realized loss was about $806,000.
Binance and Hyperliquid funding comparison
Using a unified 8-hour basis across venues, Binance’s KAITO funding rate was about -1.5347%, while Hyperliquid’s was about -2.6293%. The absolute value of Hyperliquid’s negative funding rate was 1.0946 percentage points higher, or about 1.71 times Binance’s level.
For a $10,000 short position, that translates into a payment to longs of about $153.5 every 8 hours on Binance, versus about $262.9 on Hyperliquid, a difference of roughly $109.5.
BlockBeats added that the on-chain perpetuals and address analytics tool TradingBeats is now live, supporting real-time Hyperliquid data, whale tracking and address-level tracing.