Analysis of the perpetual futures market on Binance, BitMEX, Bybit, HTX Global and OKX in 2024:

- Price growth: During the rise of Bitcoin from ~$50K to over $100K, funding rates increased on all exchanges. Bybit and HTX Global saw sharp spikes due to predominantly long positions, which often led to corrections. Binance and BitMEX showed stability due to institutional discipline.

- Sideways movements: During periods of low volatility, rates remained neutral. Institutions probably used this time for strategic rebalancing.

- Downturns: In April, June and September, rates on OKX, Bybit and Deribit turned negative, reflecting the dominance of short positions. Deribit showed sharp declines due to complex hedging strategies.

Bybit, HTX Global, and OKX reflect the emotionality of retail traders, while Binance and BitMEX indicate institutional stability.