The current mainstream CEX, DEX funding rate indicates that the market is in a full-scale bearish state.

On April 10, according to an official announcement, Gate.io will commence Wayfinder (PROMPT) spot trading at 21:00 (UTC+8) on April 10 and simultaneously initiate PROMPT perpetual contract trading (settled in USDT), with support for leverage ranging from 1 to 50x.

Update: On April 10th, Bitget PoolX will launch the BABY project, with a total prize pool of 600,000 BABY tokens. The lock-up period will be open from 6:00 PM on April 10th to 6:00 PM on April 13th (UTC+8). The details are as follows: BTC Lock-up Pool: Airdrop Total: 600,000 BABY Individual Lock-up Limit: 1 BTC In addition, you can participate in the CandyBomb Special. 622,000 BABY tokens will be distributed through trading. The event will run from 6:00 PM on April 10th to 6:00 PM on April 17th (UTC+8).

On April 10th, Orderly announced in a post on the X platform that it will launch the BABY perpetual contract at 12:00 (UTC) today and support up to 5 times leverage. It is reported that Orderly is a liquidity infrastructure project that integrates cross-chain derivative liquidity. By aggregating orders from different chains into a unified on-chain order book, Orderly has established a unified cross-chain liquidity ecosystem to address the problem of liquidity fragmentation across chains.

On April 10th, as per CoinDesk, the overall trading volume of Bitcoin spot trading on CEX platforms declined from a peak of $440 billion on February 3rd to $100 billion by the end of the first quarter, representing a nearly 77% decrease. Meanwhile, the total trading volume of token spot trading on cryptocurrency exchanges dropped from a high of $1.22 trillion on February 3rd to $230 billion by the end of the first quarter, with a decrease of over 80%. Such a substantial decline in trading volume implies that traders and investors might have lost confidence due to uncertainties or fears. Price declines suggest that the value of Bitcoin and other cryptocurrencies is decreasing, which could trigger panic and lead to a vicious cycle of reduced trading volume and further price declines.

On April 10, according to an official announcement, Binance will adjust the TROYUSDT and GASUSDT U perpetual contract funding rate settlement frequency at 16:00 (UTC+8) on April 10, 2025. The funding rate settlement frequency will be changed from every four hours to every two hours.

On April 10th, the CEO of Backpack, Armani Ferrante, posted on social media that due to the market turmoil of the past week, the system load of Backpack has reached an all-time high. The team is continuously working hard to scale up in order to meet the growing demands of their user base. So far, the risk engine of the platform has performed well and will continue to be stress-tested by the market as the business develops. Although he cannot guarantee that it will be flawless, he believes that it will become one of the most critical parts of the Backpack system. As a former software development engineer at Alameda Research, Armani made a rare mention of the failure of FTX this time, pointing out that the collapse of FTX has educated the market - both risk management and custody are equally important. Learning from the collapse of FTX, Backpack attaches great importance to building a robust and transparent risk management system to ensure the security of user funds. Backpack does not o