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Revenge Shorts, Crypto Indices, and a Trip to Goblin Town

Jul 22, 2021 · 5 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

Today’s been a sleepy day for BTC, with today’s candle barely visible. NFT project tokens have continued to increase in price, riding on the coattails of AXS’s fierce bounce.

Aggressive Shorting on AXS and SLP

The entire market was down in the dumps last week, but this week is looking a little stronger. AXS capitalized on its recent bout of strength and closed yesterday up 49% from its daily open (yes, 49% in one day). Shorts are stacking up on AXS perpetual contracts, with funding now at -0.27% over the last 8 hours, or -295% per year (shorts pay longs). FTX listed a perpetual for SLP, Axie’s utility token, so now the Axie utility token and governance token compete for which one can hit the lowest funding rate. At one point, SLP was so heavily shorted that funding rates went to nearly -1.2% over 8 hours, or -1,315% per year (shorts pay longs). Naturally, SLP closed yesterday’s daily candle with a modest 18% rise, fo

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