BNB: Extreme Perpetual Funding Diverges from Bearish Dated Futures as Price Drops

BNB is exhibiting a complex derivatives market structure, characterized by an extremely high funding rate on Deribit for its perpetual contract, alongside an inverted basis curve and a discount on long-dated futures. These anomalies suggest a strong bullish sentiment in the short-term perpetual market, potentially driven by speculative interest, while the dated futures market indicates a more cautious or even bearish outlook for the medium term. This divergence points to a market grappling with immediate bullish momentum against underlying concerns or profit-taking strategies in the longer horizon, following a period of significant price appreciation and ecosystem development for BNB.