Same perpetual, different funding

All 142 perpetuals

Crypto

Stocks

Index/ETF

Commodities

Pre-IPO

What this is

Funding is the running cost
A perpetual never expires, so funding keeps it near the spot price: a payment between longs and shorts every one to eight hours. Hold a position for weeks and funding usually costs more than the fee to open it.
Same position, different bill
Each exchange sets its own rate. The table shows them all as a yearly rate, so hourly and eight-hourly exchanges read side by side, and the Spread is what choosing well is worth: 10 points is $1,000 a year on $10,000.
The funding spread trade
Long where funding costs least and short where it pays most, the same number of coins on each, and the price moves cancel while the difference in funding keeps coming. Each coin's page finds the widest pair live and works it out for your own amount, after the cost of opening both.

The twenty-eight exchanges

Perpetuals on twenty-eight exchanges, each read directly from its own public market data. Kraken, Coinbase, OKX and Hyperliquid are on to start with; switch on any other here. Some exchanges may not connect due to geo restrictions; check which you can use where you live.

Kraken
Perpetuals 125 of 142
On Kraken Futures
Coinbase
Perpetuals 24 of 142
For the US, Canada and most of the EEA
Deribit by Coinbase
Perpetuals 117 of 142
Not in the US; funding paid continuously
OKX
Perpetuals 125 of 142
Long-dated futures that pay funding
Hyperliquid
Perpetuals 131 of 142
On-chain; some of its markets are run by other teams
Bitstamp
Perpetuals 19 of 142
For customers in the EEA only
Binance
Perpetuals 35 of 142
Crypto.com
Perpetuals 126 of 142
Bybit
Perpetuals 52 of 142
Bitget
Perpetuals 44 of 142
Lighter
Perpetuals 110 of 142
On-chain
GRVT
Perpetuals 98 of 142
On-chain; margined in USDT
Aster
Perpetuals 132 of 142
Margined in USDT
edgeX
Perpetuals 78 of 142
On-chain
Extended
Perpetuals 42 of 142
On-chain
Variational
Perpetuals 133 of 142
No order book: trades fill at its quotes
Pacifica
Perpetuals 63 of 142
On-chain
Gate
Perpetuals 141 of 142
Margined in USDT
Nado
Perpetuals 59 of 142
On-chain; margined in USDT0
Lighter on Robinhood
Perpetuals 35 of 142
On-chain; margined in USDG
ApeX Omni
Perpetuals 91 of 142
Margined in USDT
Ondo Perps
Perpetuals 44 of 142
Mostly stocks, ETFs and commodities
Bitfinex
Perpetuals 51 of 142
Margined in USDT
Polymarket Perps
Perpetuals 70 of 142
Margined in pUSD, backed by USDC
Arcus
Perpetuals 45 of 142
On-chain; margined in USDG
Bitunix
Perpetuals 141 of 142
Margined in USDT
Gemini
Perpetuals 7 of 142
Margined in GUSD
Bullish
Perpetuals 8 of 142
For institutions; in the UK, professionals only

How to read the table

1
Long or short
Long shows where holding a long costs least; Short, where a short is paid most. Beside it, narrow the table to crypto, stocks, ETFs, commodities or pre-IPO companies.
2
Read funding as a yearly rate
Positive means longs pay shorts, negative the reverse. +10% a year on a $10,000 long is about $1,000 over a year, paid a little at a time.
3
Check the spread
The highest rate minus the lowest, in points a year: what choosing the exchange is worth. "best" marks the cheapest to hold for your side.
4
Open the coin
A coin's page adds open interest over time, the next funding, the funding spread trade, order book depth, and a Trade simulator for opening a position, with fees at your tier if you want them.

What the labels mean

What each column means

Best ask / Best bid: The best price across the exchanges you have on, for a small market order.
Spread: The highest funding rate minus the lowest, in percentage points a year.
One column per exchange: Each exchange you have on: its funding as a yearly rate. Hover a figure for the exchange's own rate and next settlement. A dash: no perpetual there. A drop: under $100K traded there in 24 hours.
24h: The price change over the last 24 hours on the perpetual.
Open interest: The value of every position still open, added across the exchanges you have on. Hover it for each exchange's share.
Funding flow/hr: What longs pay shorts in an hour at the current rates, net, across the exchanges you have on: each one's open interest times its funding rate, worked out for an hour. Positive: longs pay shorts; negative: shorts pay longs. Hover it for each exchange's flow.
Volume: Value traded in the last 24 hours on the exchanges you have on, added together. Hover it for each exchange's share.

Questions this table raises

What is funding?

A regular payment between the holders of long and short positions that keeps a perpetual's price near the spot price. When the perpetual trades above spot, longs pay shorts; below it, shorts pay longs. Kraken, Coinbase, Hyperliquid, Crypto.com, Lighter, Extended, Pacifica, Nado, Lighter on Robinhood, ApeX Omni, Ondo Perps, Polymarket Perps, Arcus, Gemini and Bullish settle every hour; OKX, Binance, Bybit, Bitget, GRVT, Aster, Variational, Gate and Bitunix every four or eight hours; edgeX every four hours; Bitstamp and Bitfinex every eight hours; Deribit by Coinbase continuously.

Why show funding as a yearly rate?

Because the exchanges settle on different schedules. 0.01% every eight hours and 0.00125% every hour cost the same, about 11% a year, and only the yearly figure shows that at a glance.

Why do the exchanges' rates differ?

Each rate comes from that exchange's own traders: when longs crowd one exchange, its perpetual trades further above spot and its funding rises. The rates also reset on different schedules, so a gap can open and close within the hour.

What does the Spread column mean?

The highest yearly funding rate minus the lowest, in percentage points: what choosing the exchange is worth on a position held for a year. 10 points is $1,000 a year on a $10,000 position.

What is the funding spread trade?

Two opposite positions in the same coin: a long where holding one costs least and a short where funding pays shorts most, with the same number of coins on each so the price moves cancel. What is left is the difference in funding, for as long as it lasts. Each coin's page picks the widest pair from the live rates and, for an amount you enter, takes off the price impact of opening both, and taker fees at your own tier if you switch them on. The rates move, closing isn't counted, and each position needs margin on its own exchange, so read it as a snapshot, not a promise.

What is open interest?

The value of every position still open on the perpetual. Rising open interest means new money coming in; falling means positions closing. Hover it in the table for each exchange's share, and a coin's page charts how it moves.

What is the funding flow?

What one side pays the other in an hour at the current rates: each exchange's open interest times its funding rate, worked out for an hour, then added across the exchanges you have on. Where longs pay on one exchange and are paid on another, the two offset, so it shows which side the market is paying on balance, though each payment stays on its own exchange. An exchange that settles every eight hours pays eight hours' worth at once; the table spreads it over the hours. Rates reset every hour or so and open interest moves with every trade, so read it as the pace right now. An exchange whose feed doesn't carry its open interest can't be counted: the figure's breakdown, on hover, says which.

What are the stock, commodity and pre-IPO perpetuals?

Perpetuals on something other than a coin: a company's shares, an index fund, gold, silver or oil, or a company that hasn't listed yet. No token sits behind them; they follow the price and pay funding like every other perpetual here. Fewer exchanges list them, so some rows compare two or three.

Can I use all twenty-eight?

Not necessarily. Some exchanges don't serve every country, and some perpetuals aren't open to everyone: Bitstamp's are for customers in the EEA only, Coinbase's for the US, Canada and most of the EEA, and Deribit by Coinbase's for customers outside the US, Canada, Japan and some other countries, and not for retail customers in the UK. Coinbase's and OKX's are long-dated futures that pay funding like a perpetual, Kraken's trade on Kraken Futures, and Hyperliquid's and Lighter's are on-chain. Check what each offers where you live.

Why is an exchange missing for some coins?

Because it doesn't list a perpetual for that coin: Gemini lists 7 of the 142, Bullish 8. A dash marks it, and the other exchanges still compare.