Glassnode data shows that the Ethereum futures funding rate is still higher than that of the bear market in 2023, indicating that the market may experience fluctuations and is far lower than the peak in 2021. This dynamic illustrates the complex interaction between futures financing rates and potential market trends, and also indicates that the market may experience volatility. The perpetual contract funding rate for Ethereum futures refers to the average funding rate (in %) set by the exchange for perpetual futures contracts. When the rate is positive, long positions pay periodic payments to short positions, and conversely, when the rate is negative, short positions pay periodic payments to long positions. The surge in financing rates usually coincides with Ethereum price fluctuations, indicating a change in market sentiment.