PAXG na Hyperliquid entre os dez primeiros, taxa negativa sugere mercado em baixa?

【区块律动】Recent performance of the gold token PAXG on Hyperliquid has been quite interesting. According to on-chain data monitoring, in the past day, PAXG contract trading volume reached 17.05 million USD, ranking ninth on the platform, with trading activity even surpassing well-known tokens like FARTCOIN, AAVE, and BNB.

Even more noteworthy is the contract open interest—$71.99 million in funds deposited indicates a high level of market participation. However, the fee rate can give us a sense of market sentiment; currently, the funding rate is -0.0023%. What does this negative number imply?

Simply put: when the market is generally bearish, the funding rate tends to turn negative. This means that short sellers need to pay long positions to maintain their positions. In other words, there are more people shorting now, and longs are in a relatively advantageous position. The fact that PAXG, a digital gold asset, can maintain such trading volume and open interest amid a bear market sentiment indeed reflects the market’s recognition of its hedging properties.