Data shows that AAVE and Polygon (MATIC) traders are currently being paid up to 4.3% per week to long future contracts.
In the crypto markets, traders are usually bullish, or at least the majority of retail investors are. This causes an interesting phenomenon as it incentives arbitrage desks and whales to sell futures contracts while simultaneously buying on regular spot exchanges.
The above chart shows the incredible 240% gain accumulated in 2021 as crypto reached a $2.58 trillion total capitalization on May 11. The 53% correction that followed over the next week led to a $1.3 trillion bottom, decimating $32 billion of futures open interest.