Funding rate, BTC perps, last 24 hours
DELAYED 15 MIN…Updates by itself every 5 minutes
Funding rate, latest
Hyperliquid settles every hour and the others every 8 hours, so the same rate per period is a different cost. Compare the shape, not the level.
The payment between longs and shorts that keeps a perp near its index. When it is positive, longs pay.
Funding rate and update frequencies for perpetual futures contracts.
The 5m bar from 14:00 to 14:05 UTC on 14 May 2025, Binance BTC-USDT perpetual, from the free preview.
Step 1
Between settlements the venue publishes the rate it expects to charge at the next one. Binance settles BTC-USDT every 8 hours, at 00:00, 08:00 and 16:00 UTC.
funding_rate at the close of each 5-minute bar on 14 May 2025.
Step 2
A row counts as an update only if the rate differs from the one before.
Step 3
Positive, so at this rate longs pay shorts. Hyperliquid settles every hour, so annualise each venue with its own period.
Step 4
BTC-USDT perpetual on Binance, 5m bars, 1 to 31 May 2025, from the free preview.
Hourly. Percent per 8 hours.
At the median rate a long paid 5.8% a year, and at the month's high 10.9%. The low was -0.0144% per 8 hours, when shorts paid longs.
A carry trade sized on the median rate also has to hold through the hours when the sign flipped.
DELAYED 15 MINto 14:50 UTCUpdates by itself every 5 minutes
Highest
funding_rate is the rate the venue showed at the end of the interval, per funding period. Binance and OKX settle every 8 hours on most contracts, Hyperliquid every hour, so annualise each venue with its own period.
funding_rate_update_frequency is how many times a second the rate changed in the interval, and funding_rate_avg_update_interval the seconds between changes. A venue that stops updating is a gap in the data, not a calm market.
Positive means longs pay shorts. High positive rates across many perps usually mean crowded longs.
Perpetual futures — the dominant derivative instrument in crypto — never expire. Instead, they use a funding rate mechanism to anchor the perpetual price to spot: periodically (typically every 8 hours), longs pay shorts when the perp trades above spot, and vice versa. This seemingly mechanical arbitrage mechanism produces one of the richest sentiment signals in digital asset markets.
The funding rate is not just a carry cost. It's a real-time measure of directional crowding in leveraged markets. Alexander, Choi & Massie (2023) analyzed the dynamics of perpetual futures pricing and showed that the funding rate effectively captures the supply-demand imbalance for leverage: when speculative long demand outstrips arbitrage capacity, the basis (and funding) stays persistently positive — revealing the market's willingness to pay for directional exposure.
Shiller (2000) noted that speculative bubbles are characterized by "positive feedback" loops where rising prices attract more buyers. In perpetual futures, this feedback loop is directly observable through funding rates: rising prices → more leveraged longs → wider basis → higher funding → yet more conviction (or more pain for shorts).
Strongly positive funding:
Strongly negative funding:
We track two additional metrics that capture the dynamics of the funding mechanism:
A persistent positive funding with frequent refreshes is structurally different from one that self-corrects quickly. The former signals that speculative demand is overwhelming the arbitrage mechanism — a fragile equilibrium that tends to resolve violently.
References:
# Install the Aperiodic CLI into ~/.local/bin
mkdir -p "$HOME/.local/bin"
curl -fsSL https://raw.githubusercontent.com/aperiodic-io/cli/main/install.sh | INSTALL_DIR="$HOME/.local/bin" bash
export PATH="$HOME/.local/bin:$PATH"
# Free preview — no API key required
aperiodic funding --preview \
--exchange binance-futures \
--symbol perpetual-BTC-USDT:USDT \
--interval 5m \
--timestamp exchange \
--start-date 2025-05-01 \
--end-date 2025-05-31 \
--output-dir ./data && echo "Saved to $PWD/data"