The ten largest coins, day by day
- BTC0.0065%
- ETH−0.0082%
- SOL0.0030%
- HYPE0.0013%
- XRP0.0006%
- BNB−0.0014%
- DOGE0.0025%
- NEAR0.0018%
- UNI0.0039%
- PEPE−0.0016%
The ten largest coins by perpetual open interest. Every coin, hour by hour, is on the Perpetual Funding Rate Heatmap (Plus).
Plus has every coin’s funding hour by hour as a heatmap, the market’s funding distribution and funding paid, with their history. See plans →
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Who paid whom today
In today's settlements so far (UTC), longs paid shorts $10.8M across every coin we cover; yesterday longs paid shorts $10.0M. Each amount is a settlement's rate times the contract's open interest at that moment; most venues settle at 00:00, 08:00 and 16:00 UTC, so the day fills in steps. Every hour is on the Futures Funding Paid (All Assets) chart (Plus).
Reading funding across the market
Funding is what keeps a perpetual future close to the spot price: when the perpetual trades above spot, longs pay shorts at each settlement, and below it shorts pay longs. One coin's funding says how its own traders lean. Across the whole market it says something more: whether leverage is crowded on one side everywhere at once.
The weighted figure counts each coin by the size of its open interest, so Bitcoin and Ether dominate it. The simple average and the count of coins with positive funding treat every coin alike, so they show the smaller coins. When the average of coins runs well above the weighted figure, the froth is in the smaller coins; when almost every coin pays positive, longs are crowded across the board, which is what a sharp fall liquidates.
About 0.01% per 8 hours is the level many venues settle at when neither side leans much. Several times that on most of the market marks euphoria; funding turning negative on most coins marks fear, and often comes near local lows.
Method and sources
Every coin's funding is the open-interest-weighted average of its perpetuals' current funding rates on the venues CryptoKeyhole collects, converted to 8 hours by each contract's own settlement interval (the value of the coin's funding rate chart). Across the market the coins are averaged weighted by their perpetual open interest in US dollars, and simply; the percentiles sort the coins' rates. An hour appears once nine in ten coins have published it. Funding paid is each settlement's rate times the contract's open interest at the settlement, added up; Deribit and Bitfinex are not in it, and neither are Kraken's inverse perpetuals. Venues we do not collect are not included.
Quoting these figures? Credit CryptoKeyhole with a link to this page. Each venue's own rate is its published figure.
Questions
What is the average crypto funding rate today?
How much funding did longs pay today?
Which large coin has the highest funding?
What does it mean when most coins have positive funding?
Longs are paying shorts almost everywhere: leverage leans long across the market. That is common in rallies, and when it runs high it shows a crowded trade that a sharp fall can force out through long liquidations.
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.