The current mainstream CEX and DEX funding rate displays market bearish sentiment on BTC and ETH stronger than on altcoins

BlockBeats News, February 2nd, according to Coinglass data, after experiencing another intraday dip today, the crypto market's funding rate data shows that the current market sentiment remains overwhelmingly bearish, with the bearish sentiment towards BTC and ETH even stronger than that towards altcoins. Currently, the funding rates for BTC and ETH contracts on almost all platforms have turned negative, while altcoin rates, although bearish, are mostly positive. The specific funding rates are shown in the attached image.

BlockBeats Note: Funding Rate is a fee set by cryptocurrency derivatives exchanges to keep the contract price in line with the underlying asset price, usually applicable to perpetual contracts. It is a mechanism for fund exchange between long and short traders, and the trading platform does not charge this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price.

When the funding rate is 0.01%, it represents the baseline rate. When the funding rate is above 0.01%, it indicates a generally bullish market. When the funding rate is below 0.005%, it indicates a generally bearish market.