Crowded short positions have pushed $ERA 's hourly funding rate down to -0.4473%. Binance perpetual contracts settle every hour, with about 59 minutes until the next settlement. A negative funding rate means short sellers have to pay their counterparties. The mark price is 0.06924 USDT, while the current price is 0.0715, so there is still a gap between them. The 24-hour change is just -0.28%; the price has not fallen in step with the funding rate. Trading volume over the same period was $40.89 million. The extreme negative funding rate points more to one-sided positioning than to trading having already driven the price through support.
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