Cardano Funding Negative on Six Venues in Nov. 9 Snapshot

Cardano (ADA) perpetual futures showed diverging signals in a Nov. 9 snapshot: funding was negative on six of nine measured venues, while 65% of Binance ADA perpetual accounts were long.

Top traders held about 63% of their position size on the long side, a separate measure from the share of accounts positioned long. A broader venue comparison put Bybit’s funding rate at about -0.0113% per eight hours and Hyperliquid’s at about -0.0103%. The median rate was -0.0041% per eight hours; two venues were positive and one was neutral.

Negative funding means traders with short positions pay those holding long positions. The rate reflects how perpetual futures trade relative to spot prices and each exchange’s funding mechanism, so it can be negative even when more accounts are long. The rate alone does not confirm a market bottom or guarantee a short squeeze.

In a weeklong Binance comparison, ADA fell from about $0.1938 on Nov. 2 to about $0.1747 on Nov. 9. Dollar-denominated open interest declined from about $63.5 million to $55.4 million, decreases of roughly 9.9% and 12.8%, respectively.

Earlier ADA sell-off coverage examined a separate period when funding reached -0.0183% as the token fell 14%.