Matrixport released today's chart report that the funding rate of perpetual contracts has fallen significantly recently, in sharp contrast to the high of last November (when the funding rate was too high). Historically, such highs tend to mean a short-term peak in the market, and then the market needs time to correct. Usually, this correction phase is accompanied by a pullback in funding rates and the liquidation of highly leveraged long positions. The same is true this time. By mid-January, funding rates had fallen to single-digit levels. This range is usually associated with the continuation of bull markets. Recently, funding rates have again returned to double-digit levels, marking a pick-up in speculative activity. This upward trend is a positive sign, reflecting traders' increased confidence and willingness to pay higher capital rates to increase leverage, which could fuel the next phase of the bull market.