The current funding rates of mainstream CEX and DEX indicate that the market has turned bearish.

On October 11, according to Coinglass data, after the big dump in the early morning, the funding rates of major CEX and DEX platforms indicate that the market has clearly turned bearish, as shown in the figure below. BlockBeats Note: Funding rates are the rates set by crypto assets trading platforms to maintain the balance between contract prices and the prices of the underlying assets, typically applicable to Perpetual Futures. It is a mechanism for the exchange of funds between long and short traders, and the trading platform does not charge this fee; it is used to adjust the cost or earnings of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it indicates the benchmark rate. When the funding rate is greater than 0.01%, it represents a general bullish market. When the funding rate is less than 0.005%, it indicates a general bearish market.