ORCA Contract Sees Extreme Negative Fee Rates and Skyrocketing Trading Volume Amid Upbit Listing

According to recent data from Coinglass, the ORCA contract has experienced an unprecedented negative fee rate on prominent centralized exchanges (CEXs). Major platforms such as Binance, Gate.io, and Bybit all reported fees plunging to -2%, while Bitget recorded a slightly better rate of -1.5%. This shift has resulted in a staggering total trading volume of over $314 million in the last 24 hours, reflecting a remarkable 7578% increase. Furthermore, the overall open interest for the ORCA contract has reached approximately $50.94 million. Notably, ORCA contract liquidations exceeded $4.48 million within just four hours, outpacing liquidations seen in Bitcoin and Ethereum, which stood at $3.58 million and $1.93 million, respectively. Additionally, COINOTAG has confirmed that Upbit is set to launch ORCA KRW, BTC, and USDT trading pairs today, enhancing accessibility for traders.