BTC: Futures Funding Rate Z-Score (30-Day)
Shown as its 2–31 Oct 2026 sample; the latest readings and full history are included with Plus.
How unusual BTC perpetual funding is against its own past month: the last 24 hours' settled funding in standard deviations from the average of the past 30 days.
Why use it. Funding drifts with the market's mood; the z-score shows when it breaks out of its recent range. Readings far above +2 mark a sudden rush into leveraged longs and far below -2 a rush into shorts; both often come near short-term turns. How to read it. 0 is an ordinary day for the past month; +2 means funding sits two standard deviations above its 30-day average. Read it with the price: an extreme reading against the trend is often a crowded position that gets squeezed.
Calculation. Each 24-hour window's funding is the sum of the rates each perpetual settled in it (the share of a position a long paid), averaged over each venue's contracts and then over the venues, each venue once, as in Futures Perpetual Funding Rate (All); a contract counts when its settlements cover the whole 30 days. Kraken's inverse perpetuals are left out: the relative rate published for them is not on the scale of a rate per settlement. The daily value uses the 30 UTC days ending with the day; the hourly value re-reads the same 30 windows ending with each hour. Daily values reach back through each venue's history; hourly values start on 18 September 2026. z = (the latest window - the mean of the 30 windows) / their standard deviation. The open hour and day are partials. Source: each venue's public funding-rate history for its BTC perpetuals (Binance, Bybit, OKX, Deribit, Kraken, Bitget, Gate, Hyperliquid, KuCoin, HTX, Crypto.com, Coinbase International and Coinbase), collected by us. Each venue counts from where the history we hold from its public endpoint begins: Bybit from November 2018, Deribit from April 2019, KuCoin and Binance 2019, HTX 2020, Crypto.com 2021, OKX from September 2021, Hyperliquid 2023, and Kraken, Gate and Bitget only from late 2025 or 2026. Venues we do not collect are not included, so totals understate the whole market.