Intense short-selling demand drove perpetual funding rates for SKR and ACE deeply negative throughout the day, while PONS emerged as a rare outlier with sustained long-side premiums.
SKR generated the vast majority of market alerts today as short sellers heavily crowded the perpetual contract. Hourly funding rates, the periodic mechanism used to keep perpetual contract prices anchored to spot markets, remained deeply negative for hours. Rates reached an extreme low of -0.6628% per hour in the morning, requiring short traders to pay substantial recurring fees to long counterparties just to maintain open positions.
Activity on ACE perpetuals mirrored SKR later in the session, with funding rates deteriorating rapidly from early morning levels of -0.0695% to a sharp negative peak of -0.5978% per hour. Although the cost to hold short positions moderated toward the -0.15% to -0.22% range by the close of the day, short positioning remained distinctly heavy across the order books.
In contrast to the broader market trend of heavily negative funding rates, PONS demonstrated persistent upward pressure. Funding rates climbed from 0.055% to 0.0735% per hour during early morning trading and maintained levels above 0.05% into the evening, indicating that buyers holding long positions were paying a consistent premium over spot prices.
Additional negative funding clusters were observed in 0G and SAND. The hourly funding rate for 0G dropped from -0.0513% to as low as -0.0985% during morning trading sessions, while SAND sustained hourly rates between -0.0503% and -0.0642%, reflecting persistent derivative selling relative to spot liquidity.