Gate News reports that on March 17, Bitcoin is trading at $75,480, up 3.67% over the past 24 hours; Ethereum is trading at $2,353.4, up 7.68% over the past 24 hours. Currently, mainstream CEX and DEX funding rates indicate a bearish market shift, diverging from the price increase.
Specifically, BTC funding rates on several major platforms, including a certain CEX, have fallen below the 0.005% threshold, with multiple platforms turning negative. The bearish signals for ETH are even more widespread, with one CEX’s rate below 0.005%, and several platforms showing negative rates. Short sellers are continuously paying long positions on these platforms to maintain their positions.
Funding rates are fees set by cryptocurrency trading platforms to keep contract prices aligned with the underlying asset prices, typically used for perpetual contracts. They serve as a mechanism for fund exchange between long and short traders, with the platform not charging this fee. It adjusts the cost or profit of holding a contract. When the funding rate is 0.01%, it indicates the baseline rate; above 0.01%, it suggests a generally bullish market; below 0.005%, it indicates a generally bearish market.
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