Perpetual futures have become the backbone of crypto derivatives markets, offering leveraged exposure without the friction of expiry dates. But a quiet shift is taking place among traders, who are no longer treating funding rates as a negligible line item. Instead, they are tracking them with the same intensity they once reserved for spot prices. The difference between earning from funding payments and getting crushed by them often comes down to a few decimal points that compound fast.

According to the original report, both retail and institutional participants now view the funding rate as one of the most consequential aspects of trading perps. That worry isn’t theoretical. When perpetual swaps entered the market, the funding…