SOON: $58M Leaves Perps in a Day as Binance Longs Fight a 0.98 L/S Ratio

SOON shed 15% in a single 24-hour window as roughly $58 million exited its perpetual futures market, according to CoinGlass data cited by AMBCrypto on July 30. The drawdown sits against a 35% seven-day gain, framing the move as a capital-flow correction rather than an outright trend reversal.

The pullback was broad-based across both derivatives and spot venues, yet positioning data on Binance shows top and retail traders still leaning long — a divergence between falling open interest and persistent directional conviction that traders will be watching closely into the next session.

Perpetual and spot flows both turn negative

Open interest in SOON’s perpetual market contracted sharply, with CoinGlass recording a net outflow of $1.85 million on top of the $58 million pulled from the segment over the past day. That decline marks one of the clearest signals of the bearish tilt AMBCrypto flagged in its analysis.

Spot markets told a similar story, with net selling of roughly $306,000 over the same 24-hour period. Data covering the trailing 10 days shows spot sellers have grown more active as SOON’s price climbed, consistent with traders locking in gains rather than adding fresh exposure.

A shrinking capital base across both venues typically leaves an asset exposed to further downside unless new demand steps in — the core risk now facing SOON holders after the week’s rally.

Binance’s top traders stay net long despite the outflows

Binance remains the dominant venue for SOON derivatives, controlling $50.83 million in volume and $10.02 million in open interest. CoinGlass’s Long/Short Ratio for the exchange shows both top and retail traders positioned toward the buy side, even as the market-wide ratio slipped to 0.98 — a reading below 1 that indicates short volume holds a slight edge across the broader market.

That split between Binance-specific positioning and the aggregate ratio underscores how sentiment differs by venue: bearish pressure dominates the wider market tally, while the largest single exchange’s active traders are quietly accumulating length.

Funding rate still points to the bulls

The funding rate across SOON’s perpetual contracts sat at approximately 0.0050%, implying the majority of the $40.16 million in open perpetual contracts skews long. A positive funding rate during a price drawdown typically reflects traders anticipating near-term upside despite the current weakness, and it aligns with the buy-side accumulation seen on Binance.

For active traders, the setup is a classic tug-of-war: declining open interest and net outflows argue for caution, while a positive funding rate and concentrated long positioning on the largest exchange leave room for a bullish flip if fresh capital returns. The next moves in spot netflow and perpetual open interest will likely determine which side of that split resolves first.

Sources

• ambcrypto.com — SOON slips 15% in a single day – But Binance traders are quietly stacking longs