Storage Token Open Interest Drops 16.6% as Five Major Assets Funding Rates Turn Negative

SKHX, SNDK, and MU open interest fell 16.6% to $853M while funding rates for five key assets turned negative, signaling short-term bearish sentiment despite index gains.

Woofun AI data shows that funding rates for SKHX, SNDK, MU, S&P 500, and XYZ100 have all shifted to negative territory. The 8-hour funding rates stand at -0.2544% for SKHX, -0.0242% for SNDK, -0.0032% for MU, -0.0139% for S&P 500, and -0.0075% for XYZ100.

Total notional open interest for the three storage tokens declined by 16.6%, dropping from $1.022 billion to $853 million. SKHX open interest contracted by 29.5%; by contract count, open interest for SKHX, SNDK, and MU fell by 39.3%, 5.3%, and 4.2%, respectively. Conversely, combined notional positions for S&P 500 and XYZ100 rose 3.9% to $781 million. SKHX continues to deleverage, with 43 million-dollar-level SKHX long positions reducing by a combined approximately $175 million, of which 34 addresses cleared their positions entirely; net long reduction amounts to approximately $117 million. Across all five assets, million-dollar-level addresses have reduced net longs by approximately $161 million and net shorts by approximately $271 million over the past 24 hours.