According to Ai 姨, Upbit's listing of $ORCA has led to a substantial price discrepancy among exchanges, with Upbit's price at 8,686 KRW (approximately $5.94), Binance at $4.808, and futures contracts at $3.43. The funding rate for shorts has reached 2% and maintained for four hours due to Binance's withdrawal pause, affecting spot prices.

According to Ai 姨, the funding rate for ENA contracts on Binance has surged to 0.25%, meaning that shorting $10,000 incurs a $25 fee every 4 hours, with significant volatility expected at the 12 o'clock settlement. Historical data shows that the rate spiked to 0.32% following a strong rebound at 4 AM, with a 24-hour trading volume of $876 million.

According to Cas Abbé, the 7-day average funding rate has decreased by 85% from its December peak. This significant decline is accompanied by the lowest sentiment levels in two years as traders close their long positions. Historically, such conditions often indicate a period of capitulation, potentially leading to a price reversal.

According to glassnode, the 7-day average funding rate has fallen to 0.004%, marking an 85% decrease from its December peak of 0.026%. This decline suggests a reduction in demand for leveraged long positions and a weakening speculative appetite. Without a resurgence in leverage, cryptocurrency price action may remain volatile, impacting trading strategies and market dynamics.

According to Coinbase International Exchange, the final settlement price for contracts will be determined by averaging the index price over the 60 minutes leading up to the trading suspension. Additionally, the funding rate will be set to zero for the final funding period before settlement.