Analysis of the perpetual futures market on Binance, BitMEX, Bybit, HTX Global and OKX in 2024 shows interesting trends.

- Price growth: During Bitcoin’s rise from ~$50K to over $100K, funding increased on all platforms. Bybit and HTX Global showed sharp spikes due to the dominance of long positions. Binance and BitMEX remained stable, indicating institutional discipline.

- Sideways movements: During periods of low volatility (January-February, October 2024), rates remained neutral. Institutions likely used these phases for strategic accumulation.

- Downtrends: In April, June and September, rates turned negative on OKX, Bybit and Deribit, indicating the dominance of short positions. Deribit was marked by sharp declines, indicating sophisticated hedging strategies.

Retail platforms reflect the emotionality of traders, while Binance and BitMEX demonstrate stability due to institutional participation.