The live BTC perpetual funding rate (Deribit) — what leverage is paying right now.
Funding rate is the periodic payment exchanged between long and short positions on perpetual futures, keeping the contract tethered to spot.
Positive funding means longs pay shorts — leveraged traders are net bullish; negative means shorts pay longs. Persistently high funding often precedes long squeezes. Source: Deribit BTC-PERPETUAL (8h).