The open position of a token’s futures can indicate the total quantity of its existing futures contracts, regardless of whether they have been closed or not. An increase in this open position may suggest a growing number of traders are joining the market to initiate new positions. Along with the rising open interest in , the funding rate on various cryptocurrency exchanges has stayed positive. This pattern has been consistent since May 3, which was the last time the altcoin saw a negative funding rate. Funding rates play a crucial role in perpetual futures contracts by helping to maintain the contract price in proximity to the spot price.
