Offshore perpetual funding is split by venue on September 11. A calm average rate can hide one crowded book. The first squeeze into the weekend often starts where open interest is thickest, not where the composite looks quiet. Rising funding with flat weekly ETF flow is leverage without a bid. Falling funding with rising creations is spot leading derivatives. Read venue OI at the New York close. Composite heatmaps from Sunday will be archaeology. Friday’s map is live.
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