Longs are still paying. This drop in ADA hasn't cleared out the crowded long positions. In the latest funding rate interval, Binance was at -0.011991% and OKX at -0.000593%—both negative, meaning longs pay shorts, so long positions incur a cost every settlement period.
ADA is currently around $0.1715, with only about a 0.06% price gap between Binance and OKX and a 24-hour drop of around 2.5%. The price is still low, but funding rates have already turned negative, suggesting that more traders are betting on a decline too. Don't treat negative funding rates as a buy-the-dip signal just yet. Do you think ADA will keep falling, or will it bounce first?
View in real time: https://www.coinboss.com/funding-rate