According to Singapore-based crypto trading firm QCP Capital, bitcoin’s average funding rate, or the cost of holding long positions in the perpetual futures listed on exchanges popular among Chinese traders, including Huobi, OKEx and Bybit, recovered from negative territory much more slowly than the funding rate on other major exchanges such as Deribit. (Exchanges calculate funding rates every eight hours.)
Bitcoin Tops $50K, Ether, Other Altcoins Rise
