Sky Token Drops 12% as Derivatives Activity Declines and Funding Rates Turn Negative

Key Facts

1Sky token price fell 12% as open interest in perpetual contracts dropped by 13% to approximately $51 million.

2Funding rates turned negative, indicating a dominance of short positions in the derivatives market.

3Sky protocol fees totaled $27.22 million over the past 30-day period.

Sky token price fell 12% as open interest in perpetual contracts dropped by 13% to approximately $51 million. TokenPost reported that funding rates turned negative, indicating a dominance of short positions in the derivatives market and a reduction in speculative demand.

Sky protocol fees totaled $27.22 million over the past 30-day period, with 24-hour fees reaching approximately $969,513. Long traders faced liquidations of about $63,000, while the total value locked in the protocol stood at $6.089 billion on October 9, 2026.