3. Fund rate

So we can conclude that the difference in funding rates is mainly due to different ways of handling index prices during non trading periods, rather than market manipulation behavior: 1) Why does the funding rate for crude oil contracts suddenly increase during non trading hours? It is highly likely that the sudden news has caused users to rush outside of trading hours. This group of users has gained a price advantage in advance (that is, the perpetual contract price has competed with the underlying delivery contract price), and this price advantage must be built on a certain cost in order to create a fair market for both long and short sides. If perpetual contracts can both compete and have low capital costs, then during non trading hours, the price of perpetual contracts is more likely to deviate significantly from the price of financial market delivery contracts, and thus be questioned as deviating from the true price of crude oil. 2) Why may the funding rate of crude oil contracts be unstable at the beginning of the month? Because the beginning of the month is usually the time for the delivery contract to be extended for a month, the pricing of forward contracts in traditional financial markets is very complex: It could be a bullish structure with higher prices as the distance increases, a bearish structure with lower prices as the distance increases, or a convex structure related to a specific time point. So when rolling occurs, weight fluctuations can also cause fluctuations in the index price. So the most important thing is to learn as much as possible about what products will be traded before trading, and then choose matching financial products based on your own strategy.