"Funding rates are starting to pick back up, with Binance showing nearly 6% annualized on perpetual futures and a few lower tier exchanges ticking back up to the 10-12% range. Options markets are showing a range of positions, with sizable open interest for calls above the $112,000 level for the end of November expiry. To counter this, there are a few hundred contracts open at the 85,000/90,000 strike level for puts."
"Z-Cash continues to be the hero, up 9% on the day after rocketing past the $500 level. During the run up, funding rates on some perpetual exchanges like Hyperliquid were showing -400% annualized, an absolutely crazy funding rate for an asset that has been up only. This has been eliminated in the last 24 hours, with funding back to 2% annualized."
Bitcoin opened lower, trading around $102,000 with little macro data scheduled this week beyond ADP and JOLTS. Funding rates are rising again, with Binance near 6% annualized on perpetual futures and some lower-tier venues back in the 10–12% range. Options show concentrated call open interest above $112,000 for late-November expiry and several hundred put contracts at the 85,000–90,000 strikes. Implied volatility skew prices puts higher, raising costs for defensive positions. Call holders are positioned for a resolution of the US government shutdown and more dovish Fed messaging ahead of the December FOMC. Z-Cash rallied over 9%, briefly exceeding $500 as extreme negative funding on some venues normalized to about 2%.
Read at 24/7 Wall St.
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