Bitcoin perpetual funding rates have exploded to 0.18% per 8-hour interval across Bybit, Binance, and OKX following the $100K close — the highest reading since November 2021's $69K top. At this rate, leveraged longs pay $5,400/day per $1M in notional exposure. Total BTC perp OI surged to $51.3B — an all-time record.
The last time funding sustained above 0.15% for more than 48 hours, corrections of 22–38% followed. Liquidation clusters are thin above $102K but extremely dense between $92K–$95K. This is a historically dangerous setup for new long entries.
Consider wait-and-see or delta-neutral strategies until funding normalizes below 0.08%.