Data from Coinglass shows that the average 8-hour funding rate for ETH across all exchanges has dropped to -0.0003%, marking a return to negative territory after a period of positive rates. This shift suggests that short positions now dominate, forcing long holders to pay a funding premium.
Breaking down by major platforms, the funding rates vary considerably: Gate.io records the most negative rate at -0.0038%, making it the most expensive for short sellers; OKX follows at -0.0014%; Binance sits slightly positive at +0.0005%; while Bybit leads the positive side with +0.0029%. The spread between the highest and lowest rates reaches 0.0067 percentage points, reflecting uneven long-short distributions across different exchanges.
Funding rate is a key sentiment indicator in the derivatives market. Prolonged negative rates typically signal bearish consensus but could also trigger short-covering rallies. Traders should monitor price action and open interest changes for confirmation. (Source: ChainCatcher/Coinglass)