Markets
Derivatives desks report cautious positioning despite spot strength
Funding rates have stayed close to neutral even as prices advanced, suggesting the move is not leverage-led.
Perpetual futures funding rates have remained close to neutral through the recent advance in spot prices, an unusual combination that desks read as evidence the move is being driven by cash buyers rather than leverage.
Open interest has risen, but at a slower pace than price, and the ratio of open interest to market capitalisation sits below levels that preceded previous liquidation cascades.
Options markets show a similar picture. Skew has flattened rather than inverting, indicating demand for upside exposure without the aggressive call buying seen at prior local tops.
Traders caution that neutral funding is not a directional signal. It describes how a move is financed, not whether it continues.
Basis on quarterly futures has widened modestly, reopening the cash-and-carry trade that had been largely arbitraged away earlier in the year.
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