Bottom line: Longs on major TRUMP exchanges are still paying funding fees, but CoinEx’s negative rate works out to an annualized rate of about -1,022% when settled every 8 hours, meaning shorts are the ones paying.
Binance’s funding rate is 0.005% every 4 hours, and 62.75% of accounts are long. Open interest across the market is about $232 million, essentially flat over 24 hours, up just 0.06%. Long positions have the upper hand, but open interest has not expanded noticeably, so for now there is no sign of a broad consensus to chase the rally.
CoinEx’s extremely negative funding rate is specific to that exchange and cannot directly represent the overall market direction. With a negative funding rate, shorts pay funding fees to longs.
$TRUMP $TRUMP
Would you go long because of an extremely negative funding rate on a single exchange?
View in real time: https://www.coinboss.com/funding-rate