I was analyzing my raw transaction data and noticed something strange. Normally I see fees like -0,02 USD or -0,04 USD, but on November 1, 2025, during a 5-hour period they suddenly jumped to -7,90 USD, -7,59 USD, etc.
This happened on PEPEUSD perpetual futures on Kraken.
Does anyone know what might have happened during that time for the funding rate to spike to around 0,25-0,3%? The position remained untouched before, during, and after that period on my side.
Image: https://imgur.com/a/J3Nc1dQ
Totally normal funding rate behavior
byu/AminoethylCarbazole inCryptoMarkets
Posted by AminoethylCarbazole
1 Comment
That kind of spike is usually a temporary long/short imbalance, so funding can jump hard for a few intervals even if your position never changed. It may help to cross-check Kraken’s funding history and open interest around that timestamp to see whether a liquidation cascade or low-liquidity window caused it.