The altcoin market has rebounded sharply since the end of last week, with interest rates on borrowing USD stablecoins （such as USDC and Tether） on the Aave platform soaring to more than 10%, is the largest lender in DeFi projects, allowing peer-to-peer cryptocurrency trading without middlemen, and higher interest rates mean more traders are willing to pay to borrow stablecoins, suggesting that they are ramping up their crypto bets.

The rising borrowing rates in DeFi and the perpetual contract market have also created arbitrage opportunities for traders to profit from the difference between the two. Spencer Hallarn, derivatives trader at crypto investment firm GSR, said: "and perpetual contract rates should generally have some correlation because you can arbitrage between the two. Overall, this illustrates the demand for crypto holdings in the derivatives market."