ONFO Borrow Costs Soar 4,879% — But Bears Are Already Retreating

Onfolio Holdings heads into its May 18 earnings print with a borrow market that tells a dramatic story of a short-squeeze cycle already unwinding.

The standout data point here is cost to borrow. It exploded from under 5% APR in mid-April to a peak above 438% — a rise of nearly 4,900% in one month. That extreme reflects a period of intense short-seller demand that has since passed. Borrow costs have since eased to 241%, still painfully expensive for anyone holding a short position, but down sharply from the April highs. The lending pool has simultaneously loosened, with the share of borrowed stock dropping to well below the 52-week high utilization of 92%.

Short interest itself confirms the retreat. Shares short have collapsed more than 80% over the past week, falling from around 1.4 million to under 36,000. At just 0.6% of the free float, there is almost no conventional short pressure heading into the print. That dramatic unwind — short sellers exiting rather than adding — removes what had been a potentially explosive setup. The ORTEX short score has tracked the change, declining from 75.8 at the start of May to 51.9 as of May 14, now in neutral territory after briefly flashing elevated risk.

Price action reflects the turbulence. ONFO rallied 43% over the past month at its peak, but gave back 23% in the past week alone, closing at $0.88 on May 15 — down nearly 14% on the day. The stock's nearest peers have also struggled: fell 12% on the day and 13% on the week, while and both dropped 3-4%. was the outlier, down 39% on the week. The sector-wide weakness provides context, but ONFO's single-day drop is notably sharper than most of its peers.