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Spot Volume, Funding Rates, and BSC Exploits

May 20, 2021 · 2 min read

By Ashwath Balakrishnan, and Jeremy Ong

Data Digest

  • Binance facilitates nearly $100 billion of spot trades
  • Ethereum DEXes record over $10 billion in volume
  • Funding rates are still wayward
  • PancakeBunny Finance exploited, TVL and price drop dramatically

Key Takeaways

  • Binance facilitated close to $100 million of spot volume across its various markets.
  • Yesterday’s crypto rout and subsequent re-buying were driven by spot market activity.

 

Key Takeaways

  • DEXes were no stranger to the onslaught of spot trading, with yesterday marking the single highest day of volume for all DEXes.
  • Uniswap led the way with nearly $6 billion of volume. Sushiswap was a distant second with around $3.5 billion.

 

Key Takeaways

  • While many market participants believe a concrete bottom has been established, funding rates for perps are anything but normal with significant divergence between major exchanges. In healthy markets, funding rates should converge quite closely.
  • Until there’s some semblance of stability on perp funding rates, the market’s future direction is still uncertain.

 

Key Takeaways

  • PancakeBunny Finance, a yield aggregator on BSC, was on the receiving end of a flash loan attack and lost $45 million in user funds.
  • The hacker pushed the price of the BUNNY token down from $150 to $6 with multiple flash loan enabled dumps.

Notable Tweets

An update on Polkadot’s path to parachain functionality.

Flashbots miner’s made a killing during yesterday’s Ethereum congestion.

An update on ZCASH metrics

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