According to @KobeissiLetter, funding spreads jumped by 8 basis points over the last week, nearing the highest levels since December 2024, indicating increased institutional demand for long equity exposure via futures, options, and swaps (source: @KobeissiLetter). Rising funding spreads reflect that institutions are willing to pay higher costs to hold equity positions, signaling stronger risk appetite (source: @KobeissiLetter). Since May 2025, funding spreads have risen by a total of 40 basis points, which has helped push the S&P 500 to all-time highs, echoing conditions seen in 2024 (source: @KobeissiLetter).