Current mainstream CEX and DEX funding rates show that BTC is still in a downtrend, while ETH sentiment is gradually improving and approaching neutral levels

BlockBeats News, May 10th, according to HTX market data, Bitcoin is currently trading at $80,865.49, with a 24-hour change of 0.58%; Ethereum is currently trading at $2,330.88, with a 24-hour change of 0.52%. The current mainstream CEX funding rates show that overall sentiment towards BTC is still bearish, while ETH rates have significantly rebounded, with most platforms approaching the 0.01% baseline, indicating an improved market sentiment compared to before.

On the BTC side, the funding rates on most platforms are concentrated below the 0.005% threshold, indicating a bearish sentiment. As for ETH, the funding rates on major platforms such as Binance are centered around 0.008%, while platforms like OKX have precisely reached the 0.01% baseline. ETH has overall moved away from the previous bearish sentiment, showing a clear improvement in sentiment, but has not yet formed a valid bullish signal.

BlockBeats Note: Funding rates are rates set by cryptocurrency exchanges to maintain the balance between the contract price and the underlying asset price, usually applicable to perpetual contracts. It is a mechanism for fund exchanges 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 greater than 0.01%, it indicates a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.