Anyone betting on a rising Ether in the futures market has paid nothing for the privilege since Saturday evening. The funding rate for the ETH perpetual contract on OKX stands at minus 0.00002 percent for the period up to midnight, which arithmetically is zero. It is the first non-positive reading since October 13. Over the seven days before that, buyers paid an average of 0.00579 percent per eight-hour period, or 6.34 percent annualised.
Two things are documented by this: the surcharge for leveraged long positions has disappeared, and the spot price stands at $2,300.13 on Saturday, October 24, at around 6:40 p.m., 4.47 percent below its level 24 hours earlier. Our assessment sits further down in a section of its own, and in one sentence it runs: the vanished premium shows that speculation on rising prices has thinned out, but it is no buy signal.
Where the price can point on a horizon of months is set out in our Ethereum price prediction. This article looks at the futures market, the side that price reports usually leave out.
Ether at $2,300, the funding rate at zero
Ether was quoted at $2,300.13 on Saturday evening. T...
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