Derivatives
Funding rates, futures open interest, and options put/call ratio track leveraged positioning and market sentiment in derivatives markets.
Futures Funding Rate (Binance BTCUSDT)
Perpetual futures funding rate (8h avg, monthly). Positive rates mean longs pay shorts (bullish leverage dominant); negative rates mean shorts pay longs. Persistently extreme positive funding often precedes local tops.
Futures Open Interest (BTC, Bybit)
Total BTC open interest on Bybit linear perpetual futures. Rising OI with rising price signals new leveraged longs; falling OI with falling price signals deleveraging. OI peaks often coincide with price tops.
Long/Short Account Ratio (Bybit)
Ratio of accounts with net long vs net short BTC positions on Bybit. Above 1.0 means more accounts are long; below 1.0 means more are short. Useful as a sentiment gauge for leveraged positioning.