The funding rate on the Cosmos perpetual is a periodic payment exchanged between long and short holders that keeps the ATOM perpetual price tethered to spot. When it is positive, longs are paying shorts — a sign that demand to be long ATOM is dominant and that holding a long position carries a recurring cost. When it is negative, shorts pay longs.
Funding is most useful read alongside open interest: rising open interest with stretched positive funding describes crowded, leveraged long positioning on ATOM — the kind of setup where a sharp move can force liquidations. The figures above are a snapshot; the direction and rate of change matter more than any single reading.
These are perpetual futures mechanics — a description of positioning and cost, not a forecast of where ATOM goes next.