7/17 LRC Perpetual Snapshot

A lot has happened with the coin over the last few days. I started posting on a loopring specific sub a couple of days ago. I was calling out what appeared to me a significant move toward a negative funding rate on 7/14 but looking at the chart now that seems a blip compared to the level of negative funding rate as of today. We are also starting to see liquidations as well with short liquidations outnumbering long liquidations. We will see what happens into the future.

Two questions that I wanted to dig into today:

1. With the closing of Loopring's L2 DEX and the distribution back to L1 does that provide enough LRC tokens that this funding rate disconnect will wash out and go back to normal?
   1. Let's look at the data. From the token distribution file that the Loopring team posted on this X post (https://x.com/loopringorg/status/2072987477405835340), specifically phase-1/token-list for LRC, we see this value "user_balance_minus_dust": "44952786.682053".
   2. At the current approximate price as of the time of this posting ($0.01661) that represents ~$750,000 dollars worth of LRC
   3. The current open interest for LRC from the screenshot above is $8.53M which increased more than 600% in the last 24 hours.
   4. Even if every single holder that held LRC on layer 2 immediately sold right now the perpetual market has increased exposure at least 6-7x that in the last 24 hours.
2. How much is it currently costing net short perpetual futures parties per day to continue to maintain their short position
   1. Just looking at OKX at the time of writing this up OI was $2.01M and the funding rate was -0.4832% which gives a value of $9,712.32 that needs to be paid per period which on OKX there are 3 periods per day
   2. So for one platform this is ~$30,000 a day that needs to be paid to longs just to maintain the current level of short.

Are there coins that you hold where it seems like the perpetual futures market dwarfs the spot market?