Cryptocurrency funding rates across major exchanges. Both current funding rate and predicted funding rate. Normalized on various intervals: 1 hour, 8 hours, 1 day, 1 year.

a high carry predicts future crypto price crashes. They further imply that there is “excess volatility” of crypto futures relative to spot prices, i.e. our estimates imply that changes in futures prices are about ten times more volatile than changes in spot prices
the crypto futures basis tends to be elevated when smaller entities seek leveraged upside exposure.