The funding rate for perpetual futures often acts as a proxy for market sentiment, revealing the balance between long and short positions. Anomalies in these rates can indicate significant imbalances, providing hints about potential market moves. Over May, the funding rates for USDT and USD-margined perpetual futures were stable, reflecting Bitcoin's tranquil trading. Surprisingly, on May 27, a sudden spike in the funding rate on dYdX signaled... the reasons behind this deviation and the potential elbow-room it created for opportunistic traders reveal a fascinating shift. But what exactly caused this abrupt change?