The price surged to 53.35, up 40.1% over 24 hours, but the $BSP perpetual funding rate fell to -0.2742%, settling only once every 8 hours. Shorts are paying, not longs, so the crowding is clearly skewed to the short side. The 24-hour trading volume was $81.02 million, so this negative funding rate isn’t just a fluke caused by low volume. There are about 479 minutes until the next settlement, and shorting is already costly; if the price keeps pushing higher, shorts will feel even more pressure. If the funding rate quickly rebounds, the fuel behind this rally will change too. I look at the price gain and funding rate together to gauge crowding, but I don’t treat a single settlement as a directional signal.
#资金费率 #合约数据