SPY — price, funding and open interest

How to read this

• Funding is a payment between longs and shorts. A positive rate means longs pay shorts: the market is crowded long.
• The rate rank shows how unusual that rate is for this particular coin: 97 means above 97% of the last month, a rare skew. Without the rank the bare number says nothing — every coin has its own normal.
• Open interest is the money sitting in positions that are still open. Rising alongside price means new money entering; rising while price falls means shorts building up.
• The OI rank is measured in contracts rather than dollars: otherwise it would drift up with price alone and claim a record where nothing changed.
• NATR shows how much a coin moves relative to its own price. High NATR with high turnover is where today's action is.

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