The decline has stalled at 2.34%, but the 4-hour funding rate for $BLUR perpetual has already dropped to -0.1084%. A negative rate this extreme indicates that shorts are more crowded, and traders holding short positions through settlement will have to pay funding to longs. The mark price is 0.009968 USDT, close to the current price of 0.01, and the market has not shown any clear price collapse. The 24-hour trading volume is $7.83 million, which is relatively thin; the extreme funding rate looks more like a positioning imbalance than heavy selling. There are 239 minutes until the next settlement, and this round of fees will be charged at the current rate.
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