Weekly Funding Rate Recap — Mar 16–22, 2026

96,806 settlements. Four exchanges. One clear theme: the market spent the week paying shorts.

Exchange Summary: Mar 10–16

All four exchanges printed negative average rates. The spread between the most negative (KuCoin, -0.0152%) and the least negative (Hyperliquid, -0.0011%) is nearly 14x — a meaningful divergence that reflects structural differences in listing depth and user composition.

Day-by-Day: The Shape of the Week

The week opened with a drop into -0.0114% on March 11 — the most negative session. A partial recovery through March 13 brought the positive-settlement ratio to 66.4%, but selling pressure returned on March 14. By March 16, rates were moving toward recovery with the highest positive-settlement share of the week (68.3%), though the partial day count reduces comparability.

Settlement volume was consistent at ~15,000 per day, suggesting stable market participation with no spikes from exchange onboarding or delistings on the major venues.

Anomalies Worth Flagging

The top movers reveal where real volatility lived this week:

OGNUSDT hit -2.7564% in a single settlement — the most extreme reading of the week. That's an annualized equivalent of roughly -2,415% if sustained, which it wasn't, but it signals a forced short squeeze or a liquidation cascade on a low-liquidity perp. Four out of five top movers have positive-settlement ratios below 5%, meaning shorts dominated nearly every settlement they printed.

JELLYJELLYUSDT reappeared with 12 settlements and a -0.780% average. The token was famously delisted from Hyperliquid in March 2025 after a coordinated squeeze. Its reappearance — with extreme rates intact — warrants monitoring.

Versus the 30-Day Baseline

Three of four exchanges printed less negative rates this week than their 30-day average — a mild improvement. Bybit is the exception, sliding slightly deeper into negative territory. KuCoin is running well below its own 30-day norm (-0.0152% vs. -0.0197%), suggesting the broader market is stabilizing even as KuCoin's long-tail listings absorb heavier selling pressure.

Hyperliquid's 30-day positive-settlement rate sits at 50.7%, consistent with its near-neutral long-run positioning. This week's 54.2% is a marginal lean toward bulls — not a regime shift, but a directional nudge.

The next significant catalyst to watch is whether positive-settlement ratios across Binance and Bybit hold above 70%, which would indicate the mild recovery from mid-March is consolidating into a trend rather than a dead-cat bounce.

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