# Funding and token-volume changes barely move together

The rank correlation between monthly changes in funding and CRV token volume is 0.02.

For monthly levels, the correlation is 0.77 with volume in dollars and 0.43 with volume in CRV.

For monthly changes, it falls from 0.38 in dollars to 0.02 in CRV.

Dividing volume by CEX activity makes the association negative. The strong raw dollar relationship does not persist across these volume measures.

## The funding relationship changes with the volume measure

Spearman associations with corrected marked USD funding over 23 complete months, November 2024–September 2026. Changes use 22 adjacent month pairs. Token volume removes CRV’s own price from the volume numerator. CEX normalization divides volume by observed four-exchange spot volume in matching units. Funding is marked in USD in every comparison.

[Figure](../charts/correlations.svg) · [Data](../data/correlations.csv)

| Observation | Monthly levels (rank correlation) | Monthly changes (rank correlation) |
| --- | --- | --- |
| USD volume | 0.7658 | 0.3789 |
| Token volume | 0.4308 | 0.0243 |
| USD volume / CEX | -0.5563 | -0.2174 |
| Token volume / CEX | -0.7935 | -0.2219 |

## Measurement

The comparison uses corrected USD funding throughout. Measuring trading in tokens removes CRV price from the trading numerator; it does not remove token-price effects from funding. These descriptive comparisons do not estimate a causal funding effect.