Hyperinsight said SKHX, SNDK and MU rose alongside major U.S. equity indexes, while increasing index open interest and negative funding pointed to fresh short positioning in the S&P 500 and XYZ100.
The “storage trio” and major U.S. equity indexes rebounded, but derivatives positioning turned more cautious as funding rates for SKHX, SNDK, MU, the S&P 500 and XYZ100 all moved negative. Hyperinsight said nominal open interest in the storage trio fell from $1.022 billion to $853 million, while open interest in the S&P 500 and XYZ100 increased from $752 million to $781 million. The combination of negative funding rates and rising index open interest suggests traders were adding new short positions in the indexes.