DeepBook Rises 12% as Trading Volume Climbs 77% to $23 Million
Retail traders and whales leaned bullish, but negative perpetual funding and an Extremely Bearish Smart Money reading pointed to uneven conviction.
DeepBook (DEEP) rose 12% as combined spot and perpetual trading volume climbed more than 77% to roughly $23 million, while conflicting positioning signals showed uneven conviction behind the move.
Retail traders recorded a 2.12 long/short ratio, and whales posted a 1.12 ratio, indicating bullish positioning among both groups. Smart Money, however, was classified as “Extremely Bearish.”
Across tracked venues, longs represented 50.7% of volume, compared with 49.3% for shorts. The narrow difference gave buyers an edge, but did not show a broad imbalance in positioning.
DeepBook’s funding rate stood at -0.0027%, showing a bearish tilt in perpetual pricing despite the token’s gain. The rate also moved below zero on Sept. 14 and Sept. 23 before returning to positive territory.
DeepBook’s rally was backed by buying activity and brought more traders into the market. Negative perpetual funding showed a bearish tilt, while conviction remained uneven. Short positions remain a risk, while a recovery in the funding rate could indicate whether the market disagreement is fading.
