$BTC is down 5.4% since the Oct 28 close, and perp funding barely moved.
Binance USDT perps, average of the last 21 funding payments (Oct 28 to Nov 4, per 8h):
- XRP 0.0094%
- BTC 0.0087% (latest 0.0100%)
- SOL 0.0078%
- ZEC 0.0051%
- BNB 0.0036%
- ETH 0.0018% (latest 0.0066%)
0.0100% is the base rate. BTC sits just under it. Longs are still paying a normal fee while price drifts lower. No panic selling, and no crowd of shorts paying to bet on more downside.
$ETH is the odd one. Funding near zero for a week means fewer traders want leveraged ETH longs than BTC longs. BNB looks the same.
Funding tells you who pays to hold a position. It does not tell you direction. Use it as context next to levels, not as a signal on its own.
NFA. Funding near base while price falls: do you read that as calm, or as longs who haven't given up yet?
Binance USDT perps, average of the last 21 funding payments (Oct 28 to Nov 4, per 8h):
- XRP 0.0094%
- BTC 0.0087% (latest 0.0100%)
- SOL 0.0078%
- ZEC 0.0051%
- BNB 0.0036%
- ETH 0.0018% (latest 0.0066%)
0.0100% is the base rate. BTC sits just under it. Longs are still paying a normal fee while price drifts lower. No panic selling, and no crowd of shorts paying to bet on more downside.
$ETH is the odd one. Funding near zero for a week means fewer traders want leveraged ETH longs than BTC longs. BNB looks the same.
Funding tells you who pays to hold a position. It does not tell you direction. Use it as context next to levels, not as a signal on its own.
NFA. Funding near base while price falls: do you read that as calm, or as longs who haven't given up yet?
