Since the 10/10 flush, the funding rates across the board have cooled off slightly. This was to be expected considering coins lost anywhere from 30% to 60% of their entire open interest (primarily longs). But we've not really seen the funding rates go deep into the negative, indicating shorts are getting too excited for the market. This is due to the massive amount of spot selling, primarily on BTC, which has happened in the past few weeks. Shorts can keep shorting as long as spot keeps selling. That way there won't be a massive inbalance between spot & futures prices which causes these funding rates to remain roughly steady where they are. So while funding rates aren't a massive indication of what to expect, in the short term I would be closely watching for these to turn further into the negative. Once they do, you can assume that spot selling is slowing down a bit or shorts are getting a bit overexcited. At that point, some a proper relief bounce is more likely to happen.(Daan Crypto Trades)