Bitcoin fell below $70,000. Shorts now pay longs on 60% of its $43.7 billion in futures bets
Funding turned negative on seven of the ten biggest bitcoin perpetual markets as the price fell 5% in a day, CoinGecko data show. Solana bets leaned even harder toward a fall. XRP and zcash bets did not.
Key points
- Bitcoin traded at $69,237 at 6:45 a.m. ET on November 13, 2026, down 5.0% in 24 hours, after slipping below $70,000 between 10 p.m. and 11 p.m. ET on Thursday.
- 141 bitcoin perpetual markets on CoinGecko held $43.67 billion in open bets. Funding was negative on 41 of them, but those 41 hold $26.09 billion, or 60%.
- Binance, Bybit and OKX all showed negative bitcoin funding. Hyperliquid's rate stayed positive.
- Solana bets were 81% in negative-funding markets, ether 32% and XRP just 5%.
What moved
Bitcoin slid all day Thursday. CoinGecko's hourly prices put it at about $73,400 at 2 a.m. ET on November 12, 2026, and $71,370 at 7 p.m. ET. It was still at $70,188 at 10 p.m. ET, then $68,891 an hour later. The hourly low was about $68,062 at 1 a.m. ET on Friday.
At 6:45 a.m. ET, CoinGecko's market data showed bitcoin at $69,237, down 5.0% in 24 hours and 8.9% in seven days. Its 24-hour range ran from $67,922 to $73,033. Ether was down 3.4% and solana 2.3%.
Where the bets sit
A perpetual future is a bet on a price that never expires. Open interest counts the dollars in bets nobody has closed yet. At 6:44 a.m. ET, CoinGecko's derivatives list showed 141 bitcoin perpetual markets with open interest totaling $43.67 billion. They traded $205.1 billion in a day, about 4.4 times bitcoin's $46.2 billion of spot trading.
Binance's BTCUSDT market was the largest by far, with $7.00 billion open. Bybit followed with $2.46 billion, OKX with $2.39 billion and Deepcoin with $2.34 billion. Hyperliquid, an onchain futures exchange, held $1.36 billion in its bitcoin market.
Bitcoin perp bets by funding sign
US$ billion
Source: CoinGecko API, derivatives, read November 13, 2026, 6:44 a.m. ET
Who pays whom
Funding is a small fee that passes between the two sides of a perpetual to keep its price close to the spot price. When it is negative, traders betting on a fall (shorts) pay traders betting on a rise (longs). It shows which side is more crowded.
Funding was negative on 41 bitcoin markets, positive on 93 and zero on 7. The negative group is smaller by count but holds $26.09 billion, or 60% of all open bets, because it includes seven of the ten largest markets. Binance's BTCUSDT read minus 0.00098%, Bybit minus 0.0039% and OKX minus 0.0057%. Hyperliquid's rate was plus 0.00125% per hour, so its traders still leaned long. The rates are tiny, which suggests a mild tilt rather than a rush into shorts.
Other coins split. Solana bets were 81% in negative-funding markets. Ether was 32%, and XRP and zcash were 5% and 3%.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the flip shows traders added bets on a further fall after bitcoin fell below $70,000, rather than closing them. A move this broad across the largest venues is rarely one trader.
- Crowded shorts can push prices up fast if the market bounces, because shorts must buy to close. The small size of the rates means that risk is moderate for now.
- Hyperliquid's positive rate stands out. Its users may be slower to switch sides, or more of them may be buying the dip.
What's next
- Whether Binance, Bybit and OKX funding turns positive again
- Bitcoin open interest against $43.67 billion
- Solana, where 81% of bets sit in negative-funding markets
- The $67,922 low from the past 24 hours
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
