The Spot-Perp price difference of Binance has just turned negative after a month of being positive. This indicates that the Perp price is lower than the Spot price, which may signal short-term selling pressure and a bearish sentiment in the derivatives market.

However, with the funding rates still low, this signal is not concerning yet.

Open interest remains high, and we need to monitor closely to determine whether the market is heading towards a short-term correction or entering a consolidation phase.