Funding Rate Current — Per Exchange
Snapshot of the latest funding rate across major BTC perpetual venues. Positive rates indicate longs paying shorts (bullish leverage); negative rates flip the flow.
What is it?
Snapshot table displaying current Bitcoin perpetual funding rate on the 7 largest centralised exchanges (Top 7). Funding rate is a mechanism specific to perpetual contracts (historically introduced by BitMEX in 2016) that keeps perpetual price close to spot price via periodic payment between longs and shorts. Simplified formula: funding_rate ≈ (premium_index + interest_rate_component), where premium index reflects average perp-spot spread over the elapsed interval. Standard settlement cycle: 8 hours for Binance/Bybit/OKX (3 cycles per day at 00:00, 08:00 and 16:00 UTC), 1 hour for Hyperliquid (24 cycles per day). Positive funding means longs pay shorts (crowd long positioning), negative funding means shorts pay longs (crowd short positioning). Coinalyze source /funding-rate endpoint, 1h cache.
How to read
The table displays up to seven rows (one per active Top 7 exchange) with columns: exchange logo + name, funding rate as a percentage formatted to four decimals, signed colour badge (green if positive, red if negative, grey if close to zero), settlement interval (8h or 1h depending on the exchange). Immediate reading: 'on which exchange do longs pay the most?' or vice versa. Sorting is ascending or descending, configurable. To annualise an 8h funding value into an approximate annual rate, multiply by 3 × 365 = 1095 (e.g. 0.01% × 8h gives roughly 11% APR). For Hyperliquid 1h, multiply by 24 × 365 = 8760.
Key zones
Historically normal funding rate on Top 7 oscillates between −0.005% and +0.005% per 8h interval in balanced market conditions (equivalent to ±5-6% APR, slightly above US risk-free rate). 'High' funding: ±0.01% to ±0.03% per 8h (annualised ±10% to ±33%) — well-oriented positioning but not extreme. 'Extreme' funding: > ±0.05% per 8h (annualised > 55% APR) — very significant carry cost, generally non-sustainable beyond a few days. Historical 'paroxysmal' funding: > ±0.1% per 8h (annualised > 110% APR) — observed during major stress events (FTX Nov 2022 where some exchanges saw -0.5% to -1% per 8h, up to -1100% APR over short periods).
What to observe
Patterns to watch: (1) inter-exchange divergence above 0.02% (e.g. Binance at +0.01% but Hyperliquid at -0.01%) — pure funding arbitrage opportunity (long on negative exchange + short on positive exchange = delta-neutral position generating income); (2) majority of exchanges above +0.03% — structural extreme crowd long, potential contrarian short indication to cross-reference with TFPI z-score adaptive for historical context; (3) majority of exchanges below -0.03% — extreme crowd short, potential contrarian long indication; (4) Hyperliquid strongly diverging from Binance/Bybit/OKX consensus — may indication either DEX-specific imbalance (DEX whales) or early-warning indication on emerging narrative.
Historical context
Notable extreme funding episodes: April 2021 (consensus +0.05-0.10% per 8h for several days, short-term cycle top before May Elon Musk correction), 19 May 2021 capitulation (-0.3% on Binance for several consecutive cycles, marked local bottom), September 2021 Chinese ban (-0.1% to -0.2% on OKX for 24h, panic exit), November 2022 FTX collapse (paroxysmal extreme funding consensus on altcoins in parallel, BTC less affected due to deeper liquidity), January 2024 post-spot-ETF (+0.10-0.15% on Binance/Bybit for 10 consecutive cycles, moderate euphoria pre-local-ATH). Current funding should always be read in parallel with its 30-90d history to qualify 'high for this regime' vs 'high in absolute'.
Expert notes
Funding rate snapshot is fundamental data for perpetual traders — immediate carry cost or income. For exhaustive cross-layer Trinity reading, cross-reference with: (1) TFPI Trinity Funding Pressure Index (Layer B z-score adaptive composite) — normalises current funding vs its 2-year baseline to qualify 'extreme for this cycle'; (2) Funding Rate Dispersion Z-Score (#10 Performance) — measures inter-exchange homogeneity, high dispersion = arbitrage opportunity or regime-shift; (3) TYCC Trinity Yield Curve Composite (Macro Intelligence) — global macro carry-trade context influencing structural average funding; (4) Funding Heatmap Matrix (#9) simultaneously visualising 5 assets × 7 exchanges = 35 colour-coded cells for panoramic cross-asset view.
Common mistakes to avoid
Common mistake: interpreting high funding as a direct short indication. NO — high funding can persist for weeks or months during a sustained uptrend (longs pay dearly but price rises faster). Funding is a pressure thermometer, not a reversal timing tool. Always cross-reference with persistence duration (3+ cycles minimum), macro cycle context, and TFPI z-score to qualify. Another trap: comparing funding between exchanges without considering interval. Hyperliquid at 0.001% per 1h ≈ Binance at 0.008% per 8h in equivalent annualised rate — always compare in annualised APR for fair comparison. Finally, don't confuse funding rate (perp ↔ spot payment) with borrow rate (collateral borrowing rate) — mechanically and economically distinct.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-fr-current-per-exchange/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-fr-current-per-exchange",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.