For the chart you posted, shorts piling in. In general, more longs than shorts pushes the perp above spot (positive funding / contango), more shorts pushes it below (negative funding / backwardation). In the chart, the flat line near 0% is balanced positioning, then the sharp drop to -1% is shorts piling in (perp well below spot / backwardation). The sudden snap back up is the squeeze: forced covering pushes the perp back near 0%.
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I swear XEC is the only coin that has these weird price movements like that. No idea what causes these mini pump and dumps.
Someone chose eCash to move money through the blockchain, probably as a bridge.
interesting theory, but due to low liquidity, i don't think that's the reason.
Many things happening.
i'd love to know why price pumps like that on significant volume then dumps immediately after but moving money doesn't feel like the answer to me.
Short squeeze on negative funding rate.
you may be onto something. unfortunately i'm not very knowledgeable on how this stuff works: https://www.kucoin.com/trading-info/futures/funding-rate/XECUSDTM
Shorts pay longs, one tick up forces them all to close: spike / dump. @E 's idea helps too.
What causes the funding rate to move to begin with?
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Wonder who would even bother shorting XEC considering hire little liquidity there is.