#RAVE $RAVE Some information can be inferred from the funding rate. A sudden shift to -2% indicates a change in the funding structure of the contract market. There are two possibilities: 1. A large number of long positions have been liquidated; the total number of contract shorts far exceeds longs (which is obviously impossible). 2. Large funds are closing their long contract positions through liquidation, resulting in heavy selling that drives the contract price far below the spot price. When combined with a rise in the spot price, it can be seen as orchestrated by the market maker, because only they have vested interests in such behavior. Raising the spot price with minimal capital expenditure is clearly aimed at clearing out the long contract positions they hold.