Funding Rate Heatmap — Assets × Exchanges
Matrix view of funding rates across major assets (BTC, ETH, SOL, BNB, XRP) and the top 7 exchanges. Color intensity flags concentration of bullish or bearish leverage by venue and asset.
What is it?
5 × 7 cell matrix simultaneously displaying current perpetual funding rate across five major assets (BTC, ETH, SOL, BNB, XRP) × seven centralised exchanges (Binance, Bybit, OKX, Coinbase, Hyperliquid, Deribit, Kraken). Each cell is colour-coded on a diverging gradient: deep red for extreme negative values, neutral near zero, deep green for extreme positive values, with intensity proportional to magnitude. **Perpetual coverage caveat**: only BTC perpetual is listed across all seven Top 7 exchanges. Altcoins (ETH, SOL, BNB, XRP) are not always listed as perpetuals on every venue — for instance Kraken does not offer ETH/SOL/BNB/XRP perpetuals in USD today, and Coinbase Derivatives limits its perpetual offer to BTC + ETH. Cells without a listed perpetual pair are displayed as grey N/A (not to be confused with a zero cell which means neutral funding). Hover displays the exact value plus the cell's historical context (90-day percentile). The cross-asset × cross-venue panoramic view is particularly useful for spotting at a glance narrative rotations (positive BTC funding while SOL funding is negative reflects a potential alt-season rotation) or global stress (unanimously red cells on a row or column). Coinalyze /funding-rate multi-asset source, 1h cache.
How to read
Vertical axis (rows): five assets labelled BTC, ETH, SOL, BNB, XRP. Horizontal axis (columns): seven exchanges labelled Binance, Bybit, OKX, Coinbase, Hyperliquid, Deribit, Kraken. Each intersection cell displays a colour gradient encoding the current funding rate value. The gradient goes from deep red (extreme negative, shorts pay hard) toward neutral (close to zero, balance) toward deep green (extreme positive, longs pay hard). A gradient legend at the bottom of the chart serves as visual reference (typical range -0.1% to +0.1% per 8h). Hovering on a cell displays enriched details: exact value, 90-day rolling percentile, succinct historical context. Grey N/A cells indicate pairs not listed on the relevant venue (Kraken does not list ETH/SOL/BNB/XRP perpetuals, Coinbase Derivatives limits to BTC+ETH, OKX and Deribit may not list certain altcoins) — these N/A are NOT pipeline bugs but a V1.0 perpetual market coverage reality.
Key zones
Typical observed visual patterns: (1) BTC row mostly light green, SOL/BNB/XRP rows mostly neutral — classic BTC-led bull market; (2) all rows mostly intense green — general euphoria, potential multi-asset cycle top; (3) ETH/SOL rows turning green while BTC stays neutral — classic alt-season starter (capital rotation BTC → alts); (4) all rows mostly red — global market stress, capitulation or extreme macro event (hawkish FOMC surprise, geopolitical shock); (5) Hyperliquid column divergent from Binance/Bybit/OKX consensus — DEX-specific imbalance (active Hyperliquid whales, early-detection narrative). Statistical thresholds per cell follow standard funding thresholds (normal ±0.005%, extreme > ±0.05%).
What to observe
Alpha patterns to watch: (1) systematic cross-asset divergence on same exchange column — for example Binance shows BTC green but SOL red, indication of differentiated strategies between assets on this specific venue; (2) cross-exchange divergence on same asset — for example SOL is intense green on Bybit but neutral on Binance, cross-exchange funding arbitrage opportunity on SOL; (3) historically extreme cells (90d rolling percentile > 95% on hover) — statistical qualification of observed anomaly; (4) appearance of new coloured cells in usually neutral zone — early emerging narrative (e.g. XRP suddenly becoming intense green everywhere = narrative breakout indication).
Historical context
Canonical historical regimes visible via this heatmap: April 2021 (all rows intense green everywhere, extreme multi-asset euphoria preceding Elon Musk correction), November 2022 FTX collapse (paroxysmal red altcoin cells, BTC less affected due to deeper liquidity — clearly visible by BTC row vs ETH/SOL/BNB/XRP rows divergence), spring 2023 recovery (gradually light green cells, return to balance), February 2024 post-ETF (dominant BTC green, alts neutral = classic BTC-led rally), autumn 2024 alt-season starter (SOL becomes intense green while BTC stays neutral, capital rotation signature), November 2024 Hyperliquid TGE (Hyperliquid column becomes progressively more coloured, indicating growing whale adoption).
Expert notes
Multi-asset heatmap is complementary to mono-asset charts (#6 BTC snapshot, #7 BTC history) — it adds the essential cross-asset dimension to identify narrative rotations. For exhaustive cross-layer Trinity reading, cross-reference with: (1) BTC 4Y cycle position — historical alt-seasons typically trigger in post-halving + 12-18 months; (2) dispersion z-score (#10 Performance) to quantify global homogeneity; (3) BTC-focus TFPI composite for multi-cycle historical context. Important note: only 5 assets are covered by this heatmap (practical 35-cell readability limitation). For an exhaustive view of long-tail (21 000+ markets), consult Funding Rate Outliers Live (CG-DER-02 Layer E) which scans the complete CoinGecko universe.
Common mistakes to avoid
Common mistake: interpreting an isolated cell as a direct analytical reading. NO — institutional heatmap reading is PATTERN-based, not cell-based. Look for global patterns (dominant rows/columns, divergences) rather than point values. Another trap: assuming the 5 covered assets are representative of the entire crypto market. NO — BTC/ETH/SOL/BNB/XRP represent top market caps but exclude the long-tail where emerging narratives often trigger (memecoins, AI tokens, RWA). For exhaustive panoramic view, cross-reference with CG-DER-02 Funding Rate Outliers Live. Finally, don't compare cells between Binance/Bybit/OKX exchanges (8h cycle) and Hyperliquid (1h cycle) in absolute value — always annualise to APR for fair comparison.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-fr-heatmap-matrix/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-fr-heatmap-matrix",
"timeframe": "1y"
}Required tier: pro. 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.