DeepBook (DEEP) rose 12% as combined spot and perpetual volume surged over 77% to roughly $23 million, drawing more traders into the market. However, sentiment remains sharply divided. CoinGlass data shows retail traders and whales leaning bullish with long/short ratios of 2.12 and 1.12 respectively, while Smart Money holds an “Extremely Bearish” position. Across all tracked venues, longs account for just 50.7% of volume versus 49.3% for shorts, a narrow edge. The funding rate has turned negative at -0.0027%, indicating a bearish tilt in perpetual pricing despite the price gain.
DeepBook (DEEP) gained 12% as its combined spot and perpetual volume surged more than 77% to roughly $23 million. The increase brought more traders into the market.
According to CoinGlass data, retail traders recorded a long/short ratio of 2.12, while whales posted a ratio of 1.12. Both readings pointed to a bullish lean within those groups. Smart Money traders, meanwhile, took the opposite side. Their “Extremely Bearish” reading raised a question about how much support DEEP’s rally had across market participants.
Across the tracked trading venues, longs accounted for 50.7% of volume, against 49.3% for shorts. Buyers held an edge, but only a small one. By contrast, the funding rate of DeepBook (DEEP) turned negative at -0.0027%. That reading showed a bearish tilt in perpetual pricing, despite DEEP’s price gain.
The funding rate had also dipped below zero on the 14th and 23rd of September before returning to positive territory. Those earlier reversals leave room for another rebound, though they do not establish that a short squeeze will follow. For now, DEEP’s rally has buyers behind it, but conviction remains uneven.
