Funding rate = what perpetual longs pay shorts every 8h (or vice versa). Positive funding = longs paying = bullish positioning crowded. Negative funding historically marks local bottoms (shorts forced to pay longs = capitulation). Basis = futures premium over spot. Contango (futures > spot) = bullish term structure. Backwardation = bearish. Annualized basis yield = the cash-and-carry trade return (buy spot, short futures).