$ARPA The funding rate is negative, at an annualized -183%. Shorts have to pay longs a subsidy for every day they hold their positions. Such an extreme rate usually signals severe short-term overcrowding on the short side. But don’t focus only on the funding rate—if price and volume fail to confirm at this level, even a deeply negative rate doesn’t mean a reversal is imminent.

My take: either wait for a high-volume close above key resistance before talking about a turning point, or stay away from trying to catch a falling knife. The funding rate is a gauge of sentiment, not an entry point.

#资金费率 #合约观察 #ARPA