On positioning, QNT is the real outlier for both price and open interest surge.
QNT's jumped 47.91 percent in a day and open interest has exploded by 63.26 percent, now at 164.6 million dollars, this is where the new leverage is concentrated. Funding rate is negative at -4.2 percent annualized, so shorts are paying up, but that's not stopping buyers. If QNT gets heavy or funding flips positive, it's your first warning that this breakout might be getting stretched.