Transcript for 14-10-2017, 13 lines:
19:46:56 adlai: anyone who likes exchange shenanigans should tune their tradio to BitMEX FM in a little over ten minutes
19:51:26 adlai: put chart on 1min candles
20:00:30 punkman: what's going on
20:07:54 adlai: eh, it wasn't as impressive this time around
20:08:33 adlai: bitmex swap has "funding" every 8 hours, where longs (or shorts) pay shorts (or longs) a percentage of their open positions, calculated to combat the premium/discount that bitmex had relative to the spot exchanges
20:09:26 adlai: it's capped at 0.375%, and 8 hours ago there was a $125 candle of people closing shorts right after
20:10:48 adlai: this being the one minute candle.
20:16:59 adlai: it's fueled by the beautiful synergy of 100x leverage and the increasing functional illiteracy of each new wave of lusers who think it's just a spot exchange with leverage
20:28:17 punkman: so they open a bunch of shorts just before funding and get paid by the longs?