Optimism’s OP Recovery Faces Test as Positioning Turns More Constructive

Optimism’s OP token rebounded after falling roughly 12% on Oct. 7, while derivatives indicators showed more constructive positioning without establishing that the recovery will continue. A historical market reading put open interest at approximately $107.82 million, up 17.25%. Open interest measures the value of outstanding derivatives positions, but it does not show whether traders are net long or net short. The funding rate was positive at 0.0096%. Under the standard perpetual-futures mechanism, that means traders holding long positions paid those holding short positions.

Source: TokenPost