Crypto Funding Rate Monitor
Compare funding rates across exchanges in real time
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| Symbol | Venue | Funding / period | Annualized | Next funding | Basis | Open interest | 24h turnover |
|---|---|---|---|---|---|---|---|
| Loading live funding rates… | |||||||
Top contracts by open interest · funding is quoted per settlement period · annualized assumes the current rate repeats every period.
Settlement history from the Binance futures API, one point per funding period.
Sources: Bybit and Binance public market APIs · information only, not trading advice.
Frequently Asked Questions
What is a funding rate on perpetual futures?
Perpetual futures have no expiry, so an anchor payment keeps the contract price tied to the spot index. The funding rate is that payment: a percentage of position notional exchanged between long and short holders at fixed intervals. It settles directly into your futures balance rather than appearing as a separate charge.
How often do exchanges settle funding?
Most venues settle every eight hours, and several contracts on Bybit settle every four hours. The Next funding column counts down to the next settlement for each row, and the interval matters because a four-hour rate and an eight-hour rate of the same size imply very different annual carries.
What does a positive funding rate mean?
Positive funding means the perpetual is trading above its index and long positions pay short positions. It usually reflects crowded bullish positioning with plenty of leverage applied. Negative funding flips the flow: shorts pay longs when the crowd is leaning the other way.
Is a high funding rate free money?
Only in theory. Collecting it means holding the short side of the perp while hedging with spot, which needs margin, carries liquidation risk and can squeeze violently if price keeps rising. The rate can also reset lower or turn negative before you earn much, so carry is never guaranteed.
What is basis and why does it move?
Basis is the gap between the perpetual's mark price and the spot index price, and funding is derived from it. When demand for leveraged longs pushes the perp above the index, the premium widens, the funding rate rises, and arbitrage desks short the perp to pull the prices back together.
How is the annualized rate calculated?
The annualized column multiplies the current period's rate by the number of periods in a year: twenty-four divided by the settlement interval, times three hundred sixty-five. A rate of 0.0100% every eight hours annualizes to about 10.95%; the same rate every four hours would double that.
Does this page store anything I enter?
No. The monitor runs entirely in your browser, reads only the exchanges' public endpoints, and keeps no account, no key and no record of what you filter or sort. Refresh manually with the button or let the sixty-second timer pull the latest rates.
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How to read funding rates
What funding actually pays for
A dated futures contract locks in its price months ahead; a perpetual has no delivery date, so it needs a different anchor. Funding is that anchor. If the perpetual trades above the spot index, the rate turns positive and long holders pay short holders at every settlement, which makes chasing the long side more expensive and shorting it more attractive. The flow closes the premium, the contract settles back toward index, and the mechanism repeats a few times a day. Nothing physical moves hands — the payment happens inside the margin balance of the futures account.
Because the rate is quoted as a percentage of position notional per period, a number that looks trivial is not. The long-run average for major pairs sits near 0.0100% every eight hours, which compounds to roughly 11% a year just to hold the position. In a strong rally the same rate prints at 0.0500% or higher, and the annualized column on this page will show you the triple-digit carry that implies.
From a per-period rate to an annual number
Annualizing is simple arithmetic and the reason the table does it for you: multiply the period rate by the number of periods per year. A 0.0100% rate on an eight-hour contract is about 10.95% annually; the identical 0.0100% on a four-hour contract is about 21.9%, because it settles twice as often. Compare raw rates across venues with different intervals and you can easily be four times wrong. The Annualized column puts every row on one basis so the comparison is honest — with the caveat that it assumes today's rate repeats forever, and funding regimes flip quickly when the market changes its mind.
Basis: why the rate moves
Funding does not appear from nowhere; it is derived from basis, the difference between the perpetual's mark price and the index. Leveraged demand widens the premium and lifts the rate, while supply of shorts compresses it. Watch the Basis column next to funding: they move together because they are the same story told two ways. Open interest adds the scale. A funding spike with flat open interest is a small positioning blip; a funding spike with open interest climbing into the hundreds of millions is a crowded leveraged crowd, and crowded trades unwind in both directions.
Worked example
Suppose BTCUSDT is funding at +0.0300% every eight hours and you hold a $50,000 long. Each settlement costs $15, three times a day, or $45 daily — about $16,400 a year, an annualized drag of roughly 32.9% on that position. A desk running the hedge (long spot, short perp) earns the same flow instead of paying it, minus trading fees and assuming the rate survives. Now reset the rate to its +0.0100% long-run average: the identical position costs about $5,400 a year. The position did not change; the crowd did. That is why funding belongs next to price when you judge whether a move is built on spot demand or borrowed conviction.
Risks and honest limits
Funding is symmetric: the same carry that pays you in calm conditions turns into a cost when the crowd flips, and leverage magnifies both sides. Settlement happens on the exchange's clock — positions can be liquidated before the next payment lands, and venues halt contracts during extreme moves. The countdown on this page shows when the next settlement is due, never what the rate will be. Data arrives from public endpoints that can lag or throttle, so treat the table as a live reference for planning, not as an execution feed, and never as investment advice.
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