The perpetual funding rate for Bitcoin swaps on OKX turned negative at -0.0022%, with the Ether rate at -0.0012% and both showing a premium of -0.00044. Negative funding means short positions pay longs, which is the derivatives market registering bearish pressure directly rather than through price. It is a change in character from last week, when longs were paying to hold through the run from $80,000 to $87,000.