The takeaway first: VIRTUAL has one exchange where the annualized funding rate is -290%, but the market-wide average is near zero. Don’t mistake an extreme on one venue for consensus.

The most extreme reading is on CoinEx: a funding rate of -0.1323%, which works out to an annualized rate of -290% when settled every 8 hours. Shorts collect, while longs pay. On this exchange alone, short positions are crowded.

The average funding rate across 22 exchanges is only -0.0033%. The extreme reading is concentrated on a single venue, while other markets aren’t all leaning the same way. To judge the direction, first check whether the rate is spreading, then see whether open interest and liquidations are following.

$VIRTUAL $BTC

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Would you chase a short because of an exchange’s extreme funding rate?

Check in real time: https://www.coinboss.com/zh/funding-rate