What Is a Funding Rate
Funding is a periodic payment between long and short holders of a perpetual contract. The exchange neither takes nor gives money: one side pays the other so the perp's price doesn't drift away from spot. The rate is a share of the position per settlement interval: −2% funding on a $1,000 position means $20 changes hands once per interval.
The formula: normalizing to one hour
Exchanges quote the rate PER SETTLEMENT INTERVAL, and intervals differ — from one hour to eight. Raw percentages therefore can't be compared: +0.10% per 1 hour burns four times hotter than +0.10% per 4 hours. The radar normalizes everything to an hourly rate:
hourly rate = rate per interval ÷ (interval in hours)
The annualized equivalent is hourly rate × 24 × 365. It looks impressive (0.05%/h ≈ 438% APR), but extreme rates never live that long: it's a gauge of imbalance, not a promise of yield.
The sign: who pays whom
Positive rate
The perp trades above spot — longs are crowded. Longs pay, shorts receive. This is the market's normal state in an uptrend: mild positive funding is background, not an event.
Negative rate
The perp is below spot — the crowd is short. Shorts pay, longs receive. This is where extremes happen most: −1%/h on a pumped coin means holding a long literally PAYS a percent per hour.
Extreme rate
The rate the radar watches for: an imbalance so strong that taking the opposite side pays noticeably more than the entry-exit fees. What to do with it — on the strategies page.
Which coins are negative right now
A negative rate means you are PAID to hold a long: shorts are crowded and the exchange moves money the other way. Below is a live list — the pairs with the strongest negative hourly rate among liquid ones.
Negative right now: 409 pairs across 217 coins (volume from $300K per day). One coin is often negative on several exchanges at once — it appears once here, with its strongest rate.
| Coin | Exchange | Rate/h | Per interval |
|---|---|---|---|
| INIT | Binance | -1.044% | -1.044% / 1h |
| WAVES | Bybit | -0.201% | -1.609% / 8h |
| TSEM | Bitget | -0.125% | -1.000% / 8h |
| UNITREE | OKX | -0.125% | -1.000% / 8h |
| AVAV | Bitget | -0.092% | -0.737% / 8h |
| B3 | Bybit | -0.090% | -0.361% / 4h |
| HANMI | Binance | -0.089% | -0.358% / 4h |
| AEHR | Bitget | -0.081% | -0.652% / 8h |
The rate is predicted: the exchange keeps recomputing it until settlement. Clicking a coin opens its card with payout history and a calculator.
The cutoff: the moment funding is charged
Funding doesn't drip continuously — it's charged at the settlement cutoff. Whoever holds the position AT that exact moment pays or receives in full: enter a minute before the cutoff and you collect the whole rate; exit a minute before and you get nothing.
Hence the radar's flagship strategy — settlement sniping: a short entry right under the accrual. The catch is that price moves around cutoffs, differently for every pair: the radar measures that move from its own captures and shows it on the card next to the calculator.
Cutoff times align with intervals, so 8-hour pairs settle at 00:00, 08:00 and 16:00 UTC — at those hours the whole market accrues at once. The full schedule with per-hour statistics lives on the schedule page.
Intervals: from one hour to eight
The settlement interval is not an exchange constant — it's a property of the specific pair, and it CHANGES. The base is 8 hours, but exchanges move heated pairs to 4 hours, 2 hours, even 1: the more often you settle, the tighter you hold price to spot. The radar has seen it in its own data: Binance moved DEXE from 4 hours to 1 mid-event.
Hyperliquid settles every hour, always — eight cutoffs where others have one. That's why its raw rates look modest yet compare as equals once normalized hourly.
How many pairs live on which interval right now — on each exchange's page, computed from the latest poll of the exchanges.
Where to next
See live rates
The home page shows what's burning right now across 8 exchanges: events, the upcoming-settlements calendar, a scanner of all pairs.
Price a specific trade
The calculator on a pair's card: net capture after fees and slippage, liquidation price, entry break-even threshold.
Pick a strategy
Settlement snipe, cross-exchange hedged pair, carry — mechanics, economics and risks of each.
Find funding rate arbitrage
Delta-neutral pairs across exchanges: the spread right now, how long it holds, and how many hours it takes to cover four legs of fees.