According to data from CoinGecko, the 24-hour trading volume of the CYBER token of Web3 social network CyberConnect is about 225 million US dollars, which is a nearly 10-fold increase from the 30 million US dollars trading volume on Monday.
Coinglass data shows that traders are paying annualized funding rates of 2,000% to buy CYBER tokens.
Funding rates, the periodic fees traders pay to counterparties in the perpetual futures market, have soared to 2,190% on Bybit and Bitget, and as high as 1,500% on Binance.
The data shows that the majority of transactions take place on Binance, which accounts for 74% of all network transaction volume. This is followed by Korean exchange UpBit.