Bitcoin Funding Turns Negative as Open Interest Falls Across Five Assets

Bitcoin’s perpetual futures funding rate turned negative as open interest declined across five major crypto assets, while long accounts outnumbered short accounts in each market at 2:24 a.m. ET (06:24 UTC) Oct. 14.

Bitcoin (BTC) funding was -0.0009% every eight hours, equivalent to -1.0% annualized. Its mark price was $83,498, and open interest stood at $7.67 billion, down 1.72% over 24 hours. Long accounts made up 56.1% of the total, compared with 43.9% short.

Funding rates are periodic payments between traders in perpetual futures. A positive rate means traders with long positions pay those holding short positions; a negative rate reverses that payment direction.

Ether (ETH) had the largest long-account share, at 73.5%, with short accounts at 26.5%. Its funding rate was 0.0031% every eight hours, or 3.4% annualized. Ether’s mark price was $2,506, and open interest fell 2.10% to $5.72 billion.

Solana (SOL) posted the steepest open-interest decline among the five assets, dropping 2.44% to $903.3 million. Its funding rate was 0.0076% every eight hours, or 8.3% annualized, the highest in the group. The mark price was $107.31, and 69.8% of accounts were long.

XRP’s mark price was $1.37, and open interest declined 0.37% to $409.4 million, the smallest decrease in the group. Its funding rate was 0.0042% every eight hours, or 4.6% annualized; 73.3% of accounts were long.

Dogecoin (DOGE) had a mark price of $0.0845 and $210.7 million in open interest, down 0.73%. Its funding rate was 0.0040% every eight hours, or 4.3% annualized. Long accounts represented 70.8%, compared with 29.3% short.