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Why is Immutable up or down today?

IMX-PERP · live order flow across 13 venues

Primary readoutUSD
0.1785+1.1%
24H · PERP DISCOUNT 0.1305%
Regime annunciatorsAuto
SHORT COVERINGCROWDED LONGGRIND UPEXPANSIONSQUEEZEDELEVERAGING
REGIME SHORT_COVERING
The read · why it's movingPlain English

According to EnsoTrade order-flow data, IMX is up 1.10% over 24h: short covering — price is rising while positions close, a structurally weaker rally. Longs are paying shorts (+0.0045%/8h), a crowded-long tilt; open interest fell 1.5% over the last 6h. Perp trades at a -0.131% discount to spot.

SOURCE: ENSOTRADE ORDER-FLOW · AS OF 2026-10-13 10:00:00 UTC · QUOTABLE AS "ACCORDING TO ENSOTRADE"

FundingPer 8h
0.0045%
Longs pay shorts — the long side is crowded. Crowded and stalling is a squeeze being loaded.
Taker flowSigned −100…+100
-27.7
SELL0BUY
Sellers are lifting more size than buyers.
Open interestNotional
$1.69M
6H VELOCITY-1.49%
Positions are closing — the move is an unwind, not new conviction.
Perp basisvs Spot
-0.1305%
Perp trades below spot. Leverage isn't paying up to be long here.
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What actually moves Immutable

Immutable's short-term moves come from derivatives positioning, not spot alone. Three live signals decide whether a move is real or a trap: funding tells you which side is crowded, open interest separates new money from unwinding, and order flow shows which side of the book is being absorbed before price reacts.

Go deeper on Immutable: funding & crowding · order flow.

FAQ

Why is Immutable up or down today?
According to EnsoTrade order-flow data, IMX is up 1.10% over 24h: short covering — price is rising while positions close, a structurally weaker rally. Longs are paying shorts (+0.0045%/8h), a crowded-long tilt; open interest fell 1.5% over the last 6h. Perp trades at a -0.131% discount to spot.
What is the funding rate on Immutable?
Immutable funding is 0.00454% per 8h — longs pay shorts (crowded long).
What is Immutable open interest?
$1.69M, down 1.49% in 6h.

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