Which majors led derivatives funding?

TLDR

Bitcoin (BTC) led positive perpetual funding among majors this week; several large altcoins saw flat or negative rates.

1. BTC annualized funding topped about 10%, while many altcoin rates stayed below zero per a market update.
2. Funding skew aligned with selective risk appetite: XLM, CRO, TRX showed negative rates, while most majors were mildly positive in a daily report.

Deep Dive

1. Funding Leaders

BTC led derivatives funding rates, reflecting stronger demand for bullish exposure versus peers. Reports note BTCs annualized perpetual rates topped about 10%, while several altcoins rates remained below zero in the same window (see the market update above).

• Negative funding usually indicates shorts are paying longs, signaling bearish positioning or weaker long demand. Positive funding indicates the opposite.
• The divergence suggests traders concentrated leverage into BTC rather than spreading it across majors.

2. Altcoin Mixed, Selective Risk

Majors outside BTC showed uneven funding and positioning. A daily summary highlighted that XLM, CRO, and TRX carried negative funding, while most majors had slightly positive rates, pointing to selective bullishness and caution in certain names (daily report).

• Open interest shifts were mixed across large caps during the same period, reinforcing the idea of selective risk-taking, with capital rotating toward a narrower set of majors.
• When funding is negative in specific altcoins while the markets beta remains mildly positive, it can reflect hedging or skepticism about those tokens near?term catalysts.

Conclusion

BTC led the funding tape, with rates near double digits, while several majors showed flat or negative readings. The skew indicates leverage concentrated in BTC and selective caution elsewhere. For positioning frameworks, watch whether altcoin funding normalizes alongside improving open interest; persistent negative funding with thinning depth can amplify drawdowns.