How funding works
A perpetual future has no expiry, so exchanges keep its price close to the spot price with funding: every few hours the side that is pushing the price away pays the other. When the perpetual trades above spot, funding is positive and longs pay shorts; below spot it is negative and shorts pay longs. The rate is a share of the position's value, paid at each settlement.
Most venues settle every 8 hours (00:00, 08:00 and 16:00 UTC); some settle every hour, and Deribit accrues funding continuously. To compare them, rates are shown per 8 hours and annualised: 0.01% per 8 hours, three times a day for a year, is about 10.95%. High positive funding marks crowded long positioning, which often comes before a flush of long liquidations; negative funding marks crowded shorts.
Method and sources
The average is the open-interest-weighted mean of every BTC perpetual we collect on 13 venues, each contract's current rate converted to 8 hours by its own settlement interval, averaged over the ten minutes from 12:00 UTC: the same value as our funding rate chart. The table shows each venue's rate for its largest BTC perpetual by open interest as the venue publishes it (its estimate for the next settlement), from our own minute-by-minute collection of the venues' public data. Coinbase is Coinbase Derivatives, its US futures exchange (perp-style futures, settled hourly).
The average funding figures on this page are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page (licence and reuse). Each venue's own rate is its published figure and is not ours to license.
Questions
What is the Bitcoin funding rate now?
What does a positive funding rate mean?
The perpetual trades above the spot price and longs pay shorts at each settlement. It shows demand for leveraged long positions; very high funding marks a crowded trade.
How often is funding paid?
Every 8 hours on most venues (00:00, 08:00 and 16:00 UTC), every hour on some, and continuously on Deribit.
How is the annualised rate calculated?
The rate per settlement times the number of settlements in a year, without compounding: an 8-hour rate times 1,095, an hourly rate times 8,760.
Where does the data come from?
From our own collection of each venue's public futures data, read every minute.
Figures on this page come from CryptoKeyhole's own collection of the public market data of the exchanges named on it, and refresh automatically. Nothing here is investment advice.