According to data from Coinglass, Ethereum's network-wide 8-hour average funding rate has dropped to -0.0016%, entering negative territory. This indicates that the perpetual futures market is currently dominated by shorts, as traders holding short positions are required to pay funding fees to those holding long positions.
Breaking down by major exchanges, OKX posted the most negative rate at -0.0102%, followed by Binance at -0.0074%, Bybit at -0.0066%, and Gate at -0.0044%. All major platforms showed negative funding rates, underscoring the bearish tilt across the contract market.
Negative funding rates typically arise when the perpetual contract price trades below the spot price, suggesting cautious market sentiment. Traders may wish to monitor these rate shifts as they directly impact holding costs.