How net funding is calculated
Funding received minus funding paid across the two legs, each converted to a rate per 8 hours. A positive value means you net receive.
In the product
The market monitor and the Funding rate page in Z Market Lab show it as Net 8h. Filters, alerts and history all use this one measure. The Funding fee paid alert in ZML Trade is judged on it as well.
How to read it
It is the short leg’s funding rate minus the long leg’s rate, and a spot leg counts as 0. Legs with different settlement intervals compare directly. It is calculated from current rates, which change every period. Multiply net funding by 1095 for the annualized rate. See How often funding settles and how to annualize it.