What it shows
A perpetual futures contract has no expiry date. To keep its price close to the spot price, the contract uses a funding rate. At each funding time, traders on one side pay traders on the other side. When the rate is positive, long holders pay short holders. When it is negative, shorts pay longs. This page shows the current funding rate for major coins on OKX, Bybit, Binance and Hyperliquid, so you can compare the same coin across venues. The rates are for stablecoin-margined contracts. The open interest table also shows the funding rate of each exchange for the coin you select.
- Rates by exchange
- OKX, Bybit, Binance, Hyperliquid
- Coin search
- Funding column in OI table
How to read it
Read the sign first. A positive rate means longs pay shorts. A negative rate means shorts pay longs. Then compare the size across exchanges for the same coin. Before you compare, check the funding interval. A rate is charged per interval, and exchanges use different intervals, so equal numbers do not mean equal cost per day. To compare fairly, convert each rate to the same period. Also check whether a rate is close to zero. Near zero, small differences are only rounding.
- Read the sign of the rate: positive means longs pay shorts.
- Check the funding interval of each exchange before you compare rates.
- Compare the same coin across exchanges, then add open interest and price.
What to keep in mind
The rate is the charge for one interval and not an annual figure. Intervals vary by exchange and can vary by contract, usually between four and eight hours. The displayed rate is the latest rate and not a forecast of the next one. Exchanges use their own formulas, including limits on the rate. Funding shows the cost of holding a position, not the direction of price. A high positive rate can last for long periods. Read it together with open interest and price.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
In the app
Questions
What is a funding rate in crypto?
A funding rate is a periodic payment between long and short holders of a perpetual contract. It pushes the contract price toward the spot price. Positive rates mean longs pay shorts, and negative rates mean shorts pay longs. The exchange does not keep the payment. It moves between traders.
What does a negative funding rate mean?
A negative rate means short holders pay long holders at the funding time. It appears when the perpetual contract trades below the spot price or when short positions dominate. It is a cost for the shorts. It does not by itself say that price will rise or fall.
Why do funding rates differ between exchanges?
Each exchange sets its own formula, interval and limits, and each has its own mix of traders and contracts. A rate charged every hour is not directly comparable to a rate charged every eight hours. Compare the rates only after you convert them to the same period.