Binance's ETH perpetual futures funding rate remained negative at roughly -0.011% on October 31, even as most futures accounts on the exchange continued to hold long positions. The reading arrived as Binance said it had replaced most of the assets stolen in its recent security breach.

According to QuantM Intel, approximately 73.4% of Binance futures accounts held long positions in the reported snapshot. Ethereum traded near $2,242 at the time, and the negative funding rate meant shorts were still paying longs.

The data followed Binance's announcement that it had replenished 90% of the affected assets, with the exchange maintaining a November 1 target to restore withdrawals while it replaces the remaining tokens.

Why Binance ETH Funding Remains Negative

Binance ETH perpetual futures funding stood near -0.011% per eight hours during the October 31 morning session, a less steep reading than the roughly -0.0136% print at 00:00 UTC. Shorts continued to pay longs. Funding exists because perpetual contracts never expire; the recurring payments between traders on each side are what pull perp prices back toward spot whenever the two drift apart.

QuantM Intel's 73.4% long-account share covered Binance futures accounts overall and was not specific to Ethereum. Account ratios reflect positioning, while funding rates indicate who pays whom in perpetual markets; a long-heavy account mix can therefore coexist with negative funding without contradiction. Because such counts weigh every account equally regardless of position size, they describe the breadth of positioning rather than the capital behind it.

CoinGlass put Ethereum's open-interest-weighted funding at -0.0053%, with volume-weighted funding at -0.0061%. Bitcoin printed positive readings of +0.0104% and +0.0095% on the same measures, a gap indicating stronger bullish funding in Bitcoin than in Ethereum. Funding alone cannot forecast the next move. The negative prints also follow a week in which ether funding rates slipped under 0.005%; those earlier readings were soft but stayed positive.

Binance Replenishes 90% of Stolen Assets

Binance announced that it had replenished 90% of the assets hit by the security incident, up from about 80% in its prior update. The exchange earlier placed more than $6.34 billion of company funds behind the losses and said users would not cover the shortfall.

Ten major coins are now fully backed, according to Binance: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. The remaining 10% consists of less liquid tokens that still require market and OTC purchases.

To fund the remainder, Binance is drawing on corporate reserves, its SAFU fund, and part of its Futures insurance fund. Solid Intel shared the recovery update as Binance published a fresh Proof of Reserves snapshot on October 31, the kind of attestation exchanges publish so outsiders can check that holdings cover customer balances. Full checks are due by November 3, and withdrawals are set to resume on November 1. Binance also plans to rebuild SAFU to about $1 billion.

Crypto Liquidations and Withdrawal Plans

CoinGlass data showed approximately $187.87 million in crypto liquidations over 24 hours, with longs accounting for $143.91 million and shorts for $43.96 million. Some 63,582 traders were liquidated, with longs making up 76.6% of the value. Liquidations of this kind occur when exchanges close leveraged positions whose margin no longer meets requirements.

Binance accounted for 51.5% of liquidation activity across the venues CoinGlass tracks. The largest single order was a $4.66 million BTCUSDT position on the exchange. Four-hour liquidations totaled $8.60 million, including $3.15 million in longs and $5.45 million in shorts. Those figures cover the wider market, not Ethereum alone.

Binance maintained its November 1 plan to reopen withdrawals, saying its remaining Futures insurance reserves still met required coverage. It will continue buying outstanding affected tokens until reported losses are closed. For Ethereum traders, funding rates and liquidations remain the clearest near-term reads on leverage as withdrawals return.

Source: Live Bitcoin News