ETH’s 8-hour average funding rate across the market has fallen to -0.0048%, pointing to a mild bearish tilt in perpetual futures positioning for Ethereum. The reading, tracked as a market-wide average across major exchanges rather than a single-venue figure, reflects the cost perpetual futures traders pay to hold positions. A negative funding rate means short sellers are paying longs, which typically signals that bearish or hedging demand is outpacing bullish leverage in the derivatives market.