Funding rates page
The funding rates page puts each asset’s funding rate on every exchange side by side and adds two arbitrage views, cross-exchange and spot-perp. This page explains each tab and how the numbers are calculated.
Four tabs
Rate overview lists funding rates by asset and exchange. Extremes lists the assets with the highest and lowest funding rates across the market side by side, one row per asset at its most extreme exchange, counting only contracts whose 24-hour volume meets the threshold. Cross-exchange arbitrage and Spot-perp arbitrage list one two-leg pair per asset. For the basics, see What is the funding rate.
Rates by exchange
Each row is one asset. The columns are 24h quote volume and the exchanges. Cell color follows the sign of the rate; the darker, the larger the magnitude. In the header you choose what each cell shows under the rate: Rate + open interest (the default), Rate + 24h volume, Rate + volume + open interest or Rate only. Open interest and volume are in USD.
| Header selector | Cells show |
|---|---|
| Live | The current rate, with the settlement interval in small type before it. Choose each exchange’s per-period rate (not normalized), or normalize to 1, 4 or 8 hours to compare exchanges with different settlement intervals. |
| Accumulated over N days | The sum of rates actually settled over the last 1, 2, 3, 5, 7, 14 or 30 days, not normalized. |
Select a column header to sort, and use the search box to filter by asset. Filter limits the exchanges or sets thresholds for 24-hour volume and open interest, in million USD. Thresholds apply to each exchange’s trading pair: a pair that falls short isn’t shown and doesn’t count toward the asset’s funding rate spread or totals, and an asset with no qualifying pair isn’t listed. Only trading pairs with at least $100,000 in 24-hour volume are listed anywhere, so the volume threshold starts at 0.1M.
Select an asset or an exchange’s rate to open the Funding rate tab in Asset details. It shows the asset’s Best long, Best short, Funding diff and basis, plus each exchange’s Predicted funding rate, Per-period rate cap and next settlement. Select an exchange to see its settlements.
Arbitrage tabs
Cross-exchange arbitrage shows one pair per asset: short the perpetual with the highest funding rate and long the one with the lowest, listed only when net funding is positive. Spot-perp arbitrage shows one pair per asset: long spot and short the perpetual with the highest positive funding rate.
| Column | Meaning |
|---|---|
| Long leg, Short leg | This leg’s funding rate, normalized to 8 hours. The exchange and settlement interval are shown below. A spot leg has no funding fee. |
| Net funding 8h | Short leg funding rate minus long leg funding rate. Positive means holding the pair earns net funding every 8 hours. |
| Annualized | Net funding per 8h × 1095. Simple interest, assuming the current rate holds. |
| Last 7 days, cumulative | Net funding fee actually settled on the two legs in the last 7 days. |
| Positive periods | Of the last 21 eight-hour windows, those with positive net funding, out of those where both legs have settlement records. |
| Open spread, Basis | At executable prices. Cross-exchange arbitrage shows the open spread; spot-perp arbitrage shows the basis. |
| 24h vol | The smaller of the two legs’ 24-hour volumes. |
Select a row to open the pair’s details: the last 7 days of funding, the two legs side by side, and On your principal: enter the principal and the fee rate per leg per trade to see the net funding the two legs actually settled over the last 7 days, plus the four opening and closing fees and the spread. It converts only what has already happened and does not project future returns.
How Net 8h is calculated
Net funding has one basis, the 8-hour equivalent: each leg is converted from its own settlement interval to 8 hours, then one is subtracted from the other, and a spot leg counts as 0. The market monitor columns, filters, alerts and history curves all use this number. For settlement and annualized figures, see Reading funding settlement and annualized rates.