Bottom line: BR’s 4-hour funding rates have turned negative across multiple exchanges. Shorts are paying, but open interest is falling across the board, so this isn’t simply a case of overcrowded shorts.
Binance’s annualized funding rate is -30%, Bybit’s is around -50%, and Gate’s is around -54%. Ten of the 11 exchanges have negative rates, meaning shorts are paying longs every four hours. HTX is the only one with a clearly positive rate, so the direction isn’t entirely uniform.
Open interest across the market is $29.1 million, down 24.45% in 24 hours; Binance, Bybit, and Bitget are down 11.2%, 11.73%, and 11.52%, respectively. Funding rates turning negative as open interest falls suggests some positions are exiting, so don’t chase shorts just because of the negative rates.
$BR
Shorts are paying funding as they exit—would you still chase the short?
View in real time: https://www.coinboss.com/zh/funding-rate