Recent moves in the perpetual derivatives space are showing some encouraging signs. Across major platforms, the 7-day simple moving average of funding rates has ticked up—recovering from near-zero levels to around 0.005% before settling back to approximately 0.003% over the last 24 hours. While the swings seem modest on paper, they tell an interesting story about market dynamics. Historically, when bullish sentiment takes hold, funding rates tend to sustain themselves above zero for extended stretches. This pattern often aligns with periods of solid price momentum. In other words, a consistently positive funding rate environment—even if modest—usually signals that long positions are willing to pay for leverage, a telltale sign of risk-on market behavior. Worth keeping an eye on as this metric continues to evolve.