The trading of DeSo token CYBER has surged in the crypto market, as traders are paying annual funding rate as high as 2000%.
As per the data from CoinMarketCap, CYBER has surged over 50% in the past 24 hours, with a weekly gain of more than 250% due to this recent boom. It has recorded a volume of $898 million in the past 24 hours.
While the token skyrockets into the spot market, its funding rate has seen a positive gain of more than 2000% on leading crypto markets including Binance, Bybit, Gate.io and Bitget which suggests traders’ bullish stance on CYBER.
Funding Rate is a payment margin that traders pay to the counterparty after closing a trade on perpetual future markets.
The positive funding rate represents that future buyers are ready to pay higher fees to short sellers. CYBER currently has a massive 2737% positive annual funding rate on Binance, according to data from Glassnode.
CYBER has also seen an extended parallel growth on Korean spot markets as it is trading at over 150% premium price compared to the global market. For instance, the token has reached peak price of $36 on Bithumb, while it trades roughly around $14 on Binance at same time.
Amid the new primitive of decentralized social (DeSo) applications, several social-crypto projects are growing exponentially with it now joined by CyberConnect. It enables developers to create social applications relating to digital identity and networking on blockchain.
