According to Coinglass data, the average 8-hour funding rate for Ethereum perpetual contracts across the market has turned negative to -0.003%. Among major exchanges, Binance's ETH funding rate is -0.0079%, OKX is -0.0112%, Bybit is -0.0015%, and Gate is -0.0065%. The funding rate is a mechanism that keeps the perpetual contract price close to the spot price. A negative rate indicates that short positions pay longs, suggesting a bearish sentiment in the market. Despite variations among exchanges, the current rates remain modest. If the negative trend persists, the cost of maintaining short positions will increase.
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