Is the Crowd Leaning?

A venue's baseline is 0.00125% per hour. Today funding averages 0.0050% per hour. How would you describe it?

• Overheated, because any positive funding means crowding
• 4× baseline, with longs paying shorts
• 0.4× baseline, below normal

Funding is high, but open interest fell from yesterday. What does that describe?

• New leveraged longs piling in
• Positions closing while longs still pay, so the crowd is leaving rather than building
• Shorts paying longs