An Oct. 23 snapshot covering five crypto assets recorded a negative perpetual-futures funding rate for Ether (ETH), despite long-account majorities in every asset.
Ether’s rate was -0.0002% for each eight-hour interval, equal to -0.3% annualized. XRP led the positive readings at 0.0100% per interval, or 10.9% annualized. Solana (SOL) followed at 0.0077% and 8.4%, Dogecoin (DOGE) at 0.0072% and 7.8%, and Bitcoin (BTC) at 0.0062% and 6.8%.
Traders on opposite sides of a perpetual futures contract exchange funding payments at regular intervals. When a rate is negative, short-position holders pay traders on the long side. On Oct. 21, each of the five assets had a positive funding rate.
Long accounts represented 77.3% of Ether accounts, 76.4% for XRP, 74.5% for Solana, 73% for Dogecoin and 68.6% for Bitcoin. Ether had the largest long-account share even as its funding rate was the only one below zero.
Open interest counts the dollar value of derivatives positions that are still open. Bitcoin’s total was $7.75 billion, up 1.66% over 24 hours, while Ether’s $5.61 billion rose 1.47%. The other three totals declined: XRP’s $413.8 million fell 1.98%, Solana’s $883.9 million slipped 0.13% and Dogecoin’s $219 million dropped 1.16%.
