Funding > +30% annualized

Longs paying shorts heavily. Overheated positioning. Mean-revert / short squeeze setups fade. Watch for cascading long liquidations.

Basis spread > 10%

Cash-and-carry arb opportunity for institutions. Indicates strong directional conviction. Tail risk if basis collapses suddenly.

OI rising + funding flat

Healthy new money entering market. Spot-driven move. Bullish under-the-hood signal even in choppy tape.