No wonder most of the HIVE supply is sitting on exchanges, it is paying 20% APR

Out of curiosity I went to check how HIVE is doing on Binance and found out that on the flexible earn (that is with immediate liquidity) it is paying 20% APR

For reference the HP stake, including curation rewards if you curate optimally, barely hits 15%. With those numbers if the goal is to accumulate HIVE it indeed makes no sense to lock your stake for a lower APR.

Note: I don't know enough to judgde if this is good or bad and I don't know how Binance can offer such a high APR. I would rather having my HIVE on chain than on Binance, but this explains why so much HIVE is sitting on exchanges.

If you want to make sense of the numbers Binance has a page with data on long positions and open interest that possibly explains all that. From what I could gather there are much more long positions than short positions and that may partly explain the high interest Binance pays, but I still can't wrap my head on how it can be that high, make sure to select HIVEUSDT Perpetual:

https://www.binance.com/en/futures/funding-history/perpetual/trading-data