While watching the market, the first thing I noticed was the funding rate for $BLUR perpetuals: -0.1943%, settled every 4 hours. I didn’t take this negative figure as a directional signal; I treated it first as a holding cost: shorts are crowded together, and continuing to short means paying a fee. There are about 239 minutes until the next settlement. The mark price is holding at 0.01020, while the current price is 0.01024—almost identical. Yet the price is down 2.01% over 24 hours, with $17.79 million in trading volume. The price hasn’t been pulled far out of line by the funding rate; the crowding is mainly in account positioning, not in the quotes themselves. For the long term, I focus on slow-moving factors like supply, revenue, and usage. This funding rate has risen sharply, and it will most likely be traded away around settlement. It tells us who is paying right now, but not whether the cycle has turned.
#资金费率 #合约