The current funding rates for mainstream CEX and DEX show that the market is more bearish on alts, while the Bitcoin rate has returned to neutral.

On October 23, according to Coinglass data, the current funding rates for mainstream CEX and DEX show that after nearly 2 days of the “drawing door” market, the bearish sentiment towards alts has intensified, but the funding rate for Bitcoin has returned to neutral. The specific funding rates are shown in the figure below. BlockBeats Note: Funding rates are the rates set by crypto asset trading platforms to maintain the balance between contract prices and the prices of the underlying assets, usually applicable to Perptual Futures. 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 return of traders holding contracts to keep contract prices close to the prices of the underlying assets. When the funding rate is 0.01%, it indicates the benchmark rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.