数据显示，Raydium 的 RAY 代币是最过热的加密货币

比特币（BTC）最近的看涨停顿后，小盘代币的年化永久融资利率已经冷却了更广泛的市场

As bitcoin’s (BTC) recent bullish pause has cooled jets in the broader market, annualized perpetual funding rates in small cap tokens have normalized costs associated with betting on price rallies. But one token is still blazing hot.

由于比特币（BTC）最近的看涨停顿已经冷却了更广泛的市场，小盘代币的年化永续融资利率已经使与押注价格上涨相关的成本正常化。但有一种代币仍然炙手可热。

Solana-based decentralized exchange Raydium’s native cryptocurrency, RAY, is the only coin with annualized perpetual funding rates still exceeding 160%, making it the most overheated cryptocurrency among small-, mid- and large-cap tokens, according to data from VeloData.

根据 VeloData 的数据，基于 Solana 的去中心化交易所 Raydium 的原生加密货币 RAY 是唯一一个年化永续资金利率仍超过 160% 的加密货币，使其成为小、中、大盘代币中最过热的加密货币。

The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side. In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off.

利率上升表明 RAY 市场多头头寸过度拥挤，杠杆严重偏向看涨方向。在这种情况下，即使价格略有下跌，也会动摇杠杆过高的多头，尤其是后来进入者的信心，引发多头头寸的大规模平仓，这往往会加剧价格下跌，导致更明显的抛售。

畢竟，衍生品市場的參與者通常會放大現貨市場的趨勢，因為他們可以通過多頭或空頭頭寸進行高達 50 倍的槓桿交易。當市場參與者過度看漲時，任何看跌跡象都可能導致信心危機，從而引發多頭頭寸的快速平倉。

毕竟，衍生品市场的参与者通常会放大现货市场的趋势，因为他们可以通过多头或空头头寸进行高达50 倍的杠杆交易。当市场参与者过度看涨时，任何看跌迹象都可能导致信心危机，从而引发多头头寸的快速平仓。

毕竟，衍生品市场参与者通常会放大现货市场的趋势，因为他们可以进行高达 50 倍杠杆的多头或空头头寸。当市场参与者过度看涨时，任何看跌迹象都可能导致信心危机，从而引发多头头寸的快速平仓。

毕竟，衍生品市场参与者通常会放大现货市场的趋势，因为他们可以进行高达 50 倍杠杆的多头或空头头寸。当市场参与者过度看涨时，任何看跌迹象都可能导致信心危机，从而引发多头头寸的快速平仓。

Tokens with a market capitalization of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

市值低于 50 亿美元的代币（例如 RAY）特别容易受到衍生品市场中的恶作剧的影响。

It’s easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC’s 35% surge, CoinDesk data show.

很容易理解为什么多头将谨慎抛在了脑后。 CoinDesk 数据显示，尽管最近价格回落 17% 至 5.39 美元，但 RAY 本月仍上涨 67%，而市场领先者 BTC 则飙升 35%。

The market-beating rise comes amid record activity on Raydium. According to data source Artemis, Raydium has registered a trading volume of $117.8 billion this month, nearly twice the entire Ethereum-based DEX volume of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum’s $168 million. Ethereum is the world’s largest smart contract blockchain.

此次上涨是在 Raydium 创纪录的活动之际出现的。根据数据来源 Artemis 的数据，Raydium 本月的交易量为 1178 亿美元，几乎是基于以太坊的 DEX 总交易量 668 亿美元的两倍。 Raydium 已产生 1.75 亿美元的费用，而以太坊则为 1.68 亿美元。以太坊是世界上最大的智能合约区块链。

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

请注意，Raydium 上的大部分创纪录活动发生在本月初，主要是由 memecoin 狂热推动的，这推动交易量创下历史新高，激发了人们对 RAY 代币的浓厚兴趣。然而，疯狂的势头已经开始降温，削弱了RAY代币持续上涨的底层支撑。