SOON Drops 14% As Perpetual Outflows And Positive Funding Rates Clash
Key Summary
SOON tumbled 14% on Monday as perpetual market outflows reached -$1.82M and spot inflows hit $697K, according to CoinGlass metrics. Despite the heavy downward price action, perpetual funding rates remained positive at 0.0051% with total perpetual capital standing at $32.32M. Liquidation heatmaps displayed heavy concentration above current price levels, while long traders absorbed $67,770 in liquidations compared to just $4,440 for short positions.
Key Bullets
- SOON tumbled 14% on November 3, 2026, driven by persistent selling pressure and broad market weakness.
- Perpetual market net outflows reached -$1.82M while spot exchange inflows totaled $697K during the session.
- CoinGlass liquidation data showed heavy concentration clusters sitting entirely above current price levels.
- Perpetual contract funding rates remained positive at 0.0051% with total open capital parked at $32.32M.
Derivatives Liquidation Heatmaps Show Dense Clusters
SOON slid 14% Monday morning after derivative tracking platforms recorded intense selling across major venues. CoinGlass metrics confirm that perpetual market net outflows hit -$1.82M as capital left exchange books. Perpetual capital flows showed $10.44M exiting contracts against just $8.62M entering the venues. Outflows accelerated throughout the trading session.
Spot market order-book tracking revealed that spot net inflows rose to $697,000 as tokens moved directly onto exchange balances. Traders prepared positions for immediate execution rather than holding cold storage. Selling activity dominated the morning order books. Liquidity vanished overnight.
Perpetual Funding Rates Remain Stubbornly Positive
Perpetual contract funding rates held steady at 0.0051% despite the sharp downward price movement across the asset. Total open capital in perpetual markets remained anchored at $32.32M at press time according to CoinGlass exchange monitors. Long positions continued dominating contract positioning despite mounting losses. Traders took immediate notice.
Long traders absorbed $67,770 in liquidation losses over a span of 24 hours while short positions incurred only $4,440 in liquidations. The aggressive divergence between positive funding rates and falling spot prices left leveraged accounts vulnerable. Momentum favored short sellers. Risk desks issued margin warnings.
Concentrated Overhead Liquidation Clusters Threaten Rallies
CoinGlass one-month liquidation heatmaps indicate that heavy concentration clusters sit directly above current market prices. Price action historically gravitates toward dense liquidation pools on exchange order books. Sparse cluster distribution below current prices suggests selling exhaustion could materialize quickly. Sellers ran out of gas.
Market participants monitoring the order books anticipate potential upward mean reversion if spot demand picks up pace. The asset must clear immediate overhead liquidity walls before establishing a concrete bullish base. Traders adjusted their risk parameters accordingly. Volatility persisted across all venues.
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