Aptos Token Rise In Price But Reach Highly Negative Funding Rate

• Coinglass’ data proves APT U-based contracts hit very high negative funding rates on crypto exchanges including Binance, Bybit, and OKX.
• APT’s price rose 22% in 24 hours, trading at $15.81 currently.
• The surge in APT’s value is due to PancakeSwap’s community vote.

Crypto analytics platform Coinglass reported that the annualized funding rate of APT U-based contracts has reached a relatively high negative rate on exchanges. This includes a negative 215% on Binance, a negative 250% on Bybit, and a negative 106% on OKX, at the time of writing.

However, the token rose in value, trading at $15.81 which is both a record high and also an increase of 22% in 24 hours and 340% in the past 30 days, at the reporting time.

Since the beginning of the year, the value of APT, the token that powers the layer-1 blockchain Aptos, has increased by as much as 58%. Nevertheless, according to statistics from CoinGecko, APT’s price dropped by 1.5% yesterday, from its all-time high of $14.47 on Monday.

Aptos, which debuted in October 2022 amidst much fanfare and criticism, currently has a market valuation of slightly over $2 billion. APT is currently ranked as the 35 most valuable network in the crypto sector.

After the well-known decentralized exchange, PancakeSwap held a community vote to continue its deployment on Aptos, the price increase actually started two weeks ago. Moreover, with $32.2 million in TVL, or 58.5% of the Aptos blockchain, PancakeSwap is presently the leading DEX. Data from DefiLlama confirms that the current Aptos TVL is valued at $55.1 million.

Additionally, the recent inclusion of the ATP token in Atomic Wallet, a non-custodial multi-chain cryptocurrency wallet, as well as the rising demand for Aptos-based NFT collections, have had a beneficial effect on the price of the ATP token.

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