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BTC plummeted after breaking 90,000, and the funding rate exposed the true market sentiment.
[Block Rhythm] Last night, BTC briefly broke through the $90,000 mark but ultimately couldn't hold on, now consolidating around $87,000. Interestingly, after this pump, the real sentiment in the market is shifting—according to trading data, the funding rates of mainstream exchanges and DEX are diverging. On a leading exchange, the funding rates for BTC and ETH are still neutral, but the rates on several other major platforms have turned downward, entering a bearish zone. Even more concerning is that mainstream tokens like Ethereum are still maintaining a large-scale negative funding rate, indicating that the enthusiasm for long positions in the market has indeed waned.
Here is a brief explanation of what the funding rate is. It is a mechanism used by the exchange to balance the contract price and the spot price, essentially representing the flow of funds between long positions and short positions traders. The exchange does not profit from this; the fee is used to adjust the costs or gains of the position holders, ensuring that the contract price does not deviate significantly from the spot price.
The rate has a benchmark line: 0.01% is the neutral level. Exceeding this number indicates that the market is bullish, while below 0.005% suggests a bearish market sentiment. From the current situation, the divergence in rates among various platforms reflects that market participants still have differing judgments on the subsequent market trends, but the trend of negative rate diffusion is worth paying attention to.
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It's the same old story. When prices rise, they call for a breakout; when they fall, they talk about a bearish range... Genuine emotion? Just human nature.
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People are still bottom-fishing despite the obvious negative fee rate. I'm truly impressed.
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The exchange is neutral, but other platforms are already bearish. This divergence is quite interesting.
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Ethereum's negative fee rate is outrageous. The bullish enthusiasm is gone. It's time to wake up.
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90,000 is just a psychological barrier. If it can't be held, it's over. The fee rate won't lie.
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When a capital fee rate reversal signal appears, big players have already run. Retail investors are still dreaming.
This 90000 level is clearly a bull trap; just look at the funding rate to know the long positions are running out of steam.
I noticed the funding rate was going down early on; the market is just this sincere.
Again negative funding rates and bearish sentiment... feels like this round might just be like this.
The divergence in funding rates indicates what? Large Investors are shifting.
90,000 is just a trap; who knows if it's real or fake.
That's how the crypto world is, after a pump it immediately cools off, just a bluff.
The negative funding rate of Ethereum is so severe, what is it hinting at?
Is the market sentiment fading this quickly? Just yesterday it was all bullish.
The divergence between exchanges is quite interesting; different platforms have different strategies.
Can the 87,000 level hold? I feel like it's going to fall further.