Funding rates, as the site shows them
Perpetuals pass funding between longs and shorts. The site writes every exchange’s rate as a rate a year, so hourly and 8-hourly exchanges compare directly.
What funding is
A perpetual never expires. To keep its price near the coin’s, the exchange has one side pay the other at each payment, a share of their position: above zero, longs pay shorts; below zero, shorts pay longs. Each exchange sets its own rate and pays it on its own schedule, from every hour to every 8 hours, and Deribit by Coinbase all the time.
As a rate a year
To compare them, the site shows each rate as a simple rate a year: the rate for one payment times the payments in a year of 8,760 hours. 0.01% every 8 hours comes to 10.95% a year. It isn’t compounded, and it’s what holding a position would pay or cost if the rate stayed where it is, which it rarely does. Hover a rate for the exchange’s own, and when it next pays.
On the perpetuals index
Each coin’s funding on each exchange you have on. With Long chosen, best marks the lowest rate, the cheapest place to hold a long; with Short, the highest, where a short is paid most. Spread is the highest rate less the lowest, in points a year, and Funding flow/hr what longs pay shorts in an hour, at today’s rates, across the exchanges.
Choose 7-day avg over the exchanges’ columns for each rate’s average over the last seven days, and tick Δ to current funding for funding now beside it, in colour once they’re 10 points a year apart: a rate far from its week has just jumped, and may not last.
On a coin’s perpetuals page
Its funding on each exchange you have on, its Funding history over 7 or 30 days where the exchange publishes one, the Funding spread trade, short where funding is highest and long where it’s lowest, and Liquidations as they come.
On the site
Related articles
- How the exchanges are ranked
The scoreboards rank every exchange against the others on the markets they share: how often each has the best price, how far behind it usually is, and its funding.
- Reading Signals
Signals lists where two exchanges are apart on a price by more than it costs to trade both sides, on spot, perpetuals, and futures and options.
- The futures and options pages
The futures and options pages compare options by their implied volatility and dated futures by their premium a year, across the exchanges that list them.
From the blog
- Funding rates, side by side
Exchanges pay funding on different schedules, every hour, every 8 hours or continuously. Why the site shows every rate as a rate a year, and what Bitcoin's said on 2 October.
- Crypto funding rate spikes: now vs the 7-day average
A funding rate means more beside its own 7-day average. A big gap marks a spike or a drop: how to read it, and where to see it for every exchange.
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