Which pairs saw funding shifts today?

TLDR

Several perp pairs showed notable funding shifts today.

1. Bitcoin (BTC): funding spiked to elevated levels after options expiry, signaling long bias in perps recent market notes.
2. Avantis (AVNT): funding turned deeply negative, indicating crowded shorts and potential for a squeeze analysis.
3. Sui (SUI): funding trended more positive alongside rising long positioning into an unlock window market update.

Deep Dive

1. BTC Perps

Funding rates rose materially on Bitcoin perps, reflecting renewed demand to hold longs and higher carry costs for bulls. Following a large options expiry, one desk noted Deribits BTC perpetual funding rate jumped to more than 30%, capturing the post?expiry repositioning and long bias in derivatives markets market notes. A separate report added that funding rates reached the highest level since October 18, reinforcing the view that bullish positioning has rebuilt in recent sessions market recap.

2. AVNT Shorts Crowding

Avantis (AVNT) perp funding was reported deeply negative, which occurs when perp prices trade below spot and shorts pay longs. This pattern often appears when short interest crowds and can set up a reflexive short squeeze if price moves against shorts analysis.

3. SUI Funding Tilts Positive

Into a sizable unlock window, SUI perps showed increased long positioning and a rising positive funding rate, indicating that longs are paying shorts to keep positions open market update. The same update flags the unlock size and recent outflows, which can complicate the setup if supply hits the market.

Conclusion

Todays funding shifts point to a long?tilted BTC perp market, a short?crowded AVNT setup, and a more positive SUI funding backdrop into an unlock. Together they suggest positioning risk is rising in both directions. If you want a wider lens, we can pull a market?wide open interest snapshot next to gauge whether these are isolated or part of a broader derivatives regime shift.