Bitmex futures have pre-empted all memes by jumping above $9,000 at Bitmex while their perpetual contract, which is sort of like the spot price, is at slightly above $8,700 as pictured above.
The premium has increased a bit from around $280 to circa $312 with somewhat sophisticated traders seemingly being a bit bullish.
This contract is meant to expire in September. The June futures are at a premium too of about $200.
That’s even while longs are getting called quite a bit in the past 24 hours. Some $24 million longs have closed, but only $8 million shorts.
Bitmex longs and shorts liquidations, May 2019.
While at Bitfinex, longs have increased from about ₿18,000 to ₿24,000. Shorts on the other hand have fallen from circa ₿32,000 to now ₿20,000.
In longer timeframes, shorts have halved from about ₿40,000 in December.
Interestingly, longs are down too from circa ₿35,000 in February. That translates to circa $87 million betting less for long.
While on a shorter timeframe, we can see a reverse bart there on the daily as whales and fish battle it out.
For Bitmex, such stats are not available, but there’s probably a way to arbitrage this premium.
How you’d do so is not very clear as you don’t get an actual coin, but only the difference in price movements after you enter the position.
Usually such premium develops because price has moved too fast, with leverage overshooting in either direction.
In this case, bitcoin jumped by over $1,000 recently, so the future ones went over $9,000. Whether they’re really from the future, however, does remain to be seen now as summer is coming.