One of my working theories, albeit low probability, on the historically negative funding rates. Which were one of the most negative and longest in duration, was that a large buyer like Iran was buying spot but hedging with perps on Binance. Since the Iran war started, there has been no shortage of liquidity and risk appetite. While, Over 1M BTC were purchased in the $60-70k region. Another reason I think a large entity was accumulating and keeping price low intentionally.(James Van Straten)