#BitcoinRecoversTo$64100
$BTC is back at 64,203 (+0.40%) and the perp board is paying almost nobody to hold the recovery.
Binance USDT perps, 752 publishing a rate, pulled 02:38 Dhaka:
86 negative = 11.44% | median negative −0.0120% | at or below −0.10%: 7 | below −0.50%: none
506 positive, median +0.0050%, largest +0.313% | 160 exactly zero
BTC perp +0.001%. ETH +0.006%. SOL +0.010%.
11.44% is the first reading BELOW our five-read band of 12.10–16.49%. I am not calling it directional — that band held four times running, so one break is noise until it repeats.
The distribution is the lesson. "11% of the board is negative" sounds like short pressure; the median negative contract pays 0.012% per settlement, a rounding error. Real short financing is a ten-contract event — those ten carry 57.1% of all negative magnitude, $HOME alone 16.3% of it at −0.407%, $COTI −0.151%.
Breadth counts contracts. It does not measure pressure. Quote the median beside the percentage or the percentage misleads you.
Raw per-settlement rates; Binance funding intervals differ by contract, so I am not annualising.
Not financial advice.
$BTC is back at 64,203 (+0.40%) and the perp board is paying almost nobody to hold the recovery.
Binance USDT perps, 752 publishing a rate, pulled 02:38 Dhaka:
86 negative = 11.44% | median negative −0.0120% | at or below −0.10%: 7 | below −0.50%: none
506 positive, median +0.0050%, largest +0.313% | 160 exactly zero
BTC perp +0.001%. ETH +0.006%. SOL +0.010%.
11.44% is the first reading BELOW our five-read band of 12.10–16.49%. I am not calling it directional — that band held four times running, so one break is noise until it repeats.
The distribution is the lesson. "11% of the board is negative" sounds like short pressure; the median negative contract pays 0.012% per settlement, a rounding error. Real short financing is a ten-contract event — those ten carry 57.1% of all negative magnitude, $HOME alone 16.3% of it at −0.407%, $COTI −0.151%.
Breadth counts contracts. It does not measure pressure. Quote the median beside the percentage or the percentage misleads you.
Raw per-settlement rates; Binance funding intervals differ by contract, so I am not annualising.
Not financial advice.