SNDK Funding Rate Flips Negative as $11M in Early Longs Liquidate

Hyperliquid data shows SNDK funding rates turning negative amid $11M long reductions. Large funds tilt short ahead of earnings, with open interest at $126M.

Woofun AI data shows that Hyperliquid large funds are reducing long exposure ahead of Sandisk's earnings release on August 6th. The long/short ratio for addresses holding over $1 million stands at 0.75:1, with short positions exceeding longs by approximately $8.517 million. Four early long addresses collectively reduced holdings by 8,321.8 shares, valued at around $11.111 million. Address 0x1367 halved a new long position, while 0x364a closed all longs for a $0.173 million profit.

Meanwhile, address 0xefe added net short positions, maintaining a $10.015 million short stance. SNDK perpetual contracts trade at $1,334.7, up 8.4% in 24 hours, with funding rates shifting from +0.0239% to -0.0026%.