BTC: Futures Cumulative Funding Paid
Shown as its 2–31 Oct 2026 sample; the latest readings and full history are included with Plus.
Net funding paid by BTC perpetual longs to shorts since our collection began, in USD, added up over time, by venue.
Why use it. Shows the running bill for holding leveraged longs: a steep climb means longs have been paying up to stay in, which happens in crowded, euphoric markets; a flat or falling line means the crowd is balanced or short. How to read it. A rising line means longs kept paying; a falling line means shorts paid. Read the slope and its turns rather than the level, which depends on where the history starts. The summary value is the total over every venue.
Calculation. For every settlement of a perpetual's funding in the period: the settled rate as the venue published it (for the interval that settlement covers) x the contract's open interest in USD at the settlement, from our last minute sample at or before it and at most ten minutes old (one side of the positions; linear contracts at the mark price, inverse contracts at their USD face value). A settlement without such a sample is left out. A positive rate means longs paid shorts. Deribit is left out because from 10 November 2026 it publishes its open interest eight hours late; Bitfinex because we do not hold its settlement record; Kraken's inverse perpetuals because the relative rate published for them is not on the scale of a rate per settlement. Each venue's payments are added up from the first settlement we could value. Source: our own minute-by-minute collection of public futures data from Binance, Bybit, OKX, Bitget, Gate, Hyperliquid, KuCoin, HTX, Crypto.com, Kraken and Coinbase. Open interest counts one side of each position (Hyperliquid and Bybit publish both sides, which we halve). Coinbase's figures come from Coinbase Derivatives, Coinbase's US futures exchange: its nano perp-style futures (hourly funding) and monthly futures, converted from contracts at each contract's size, from 23 October 2026. The settled rates come from each venue's public funding-rate history of the same contracts. Venues we do not collect are not included, so totals understate the whole market. History starts when our collection began on 14 October 2026; no earlier values are reconstructed.