negative funding rates ftw

According to BlockBeats, data from Coinglass indicates that the current funding rates on major centralized and decentralized exchanges suggest a bearish market sentiment. The funding rates for key cryptocurrencies are detailed in the accompanying data.Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of underlying assets, typically applied to perpetual contracts. This mechanism facilitates the exchange of funds between long and short traders, without the platform charging this fee, to adjust the cost or profit of holding contracts, ensuring that contract prices remain close to the asset prices.A funding rate of 0.01% is considered the baseline rate. When the funding rate exceeds 0.01%, it indicates a generally bullish market sentiment. Conversely, when the funding rate falls below 0.005%, it reflects a bearish market outlook.