Here's the latest according to our live indices and data: short squeeze across all three currencies (BTC, ETH, SOL) with open interest building into it. See below for the latest stats:
What sits under it:
Shorts are being forced out while open interest rises: BTC OI is +$199M over the hour on the direct read, and ETH +$519M over 24 h. So new positions are opening even as shorts are liquidated. The largest single liquidation was $21.1M at 84,511.
Funding is pinned at the 0.01% default but pushing higher: BTC's composite reads exactly 0.0100% (z 2.29), while its predicted rate is 0.0182%. The next settlement is at 16:00 UTC. If the composite moves above the default, it will read EXTREME_POSITIVE under this weekend's rule, correctly this time, because it would genuinely be above the default.
Stress is up: MSSI 32.6 → 47.2 HIGH, driven by funding (component 70.9) and volatility (50.4). Liquidity has moved to THIN (stress 4, dominated by liquidations). Order books show venues collapsing: 1–2 on BTC, and an ETH spread out to 2–3 bps.
Options are calm relative to the move: BTC implied vol 37.9 against realised 38.2, MSVI 49.5 MODERATE, and the curve still in plain contango.
perp_setup's top pick is SOL, LONG, score 68.7, flagged degraded because SOL lacks the options inputs by design.