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On top of any exchange
| Exchange | Interval | APR ↓ | Rate | APR Bar |
|---|---|---|---|---|
 |
1h | +11.4% | +0.0013% | |
 |
1h | +11.0% | +0.0013% | |
 |
1h | +10.5% | +0.0012% | |
 |
1h | +8.3% | +0.0009% | |
 |
8h | +3.1% | +0.0028% | |
 |
8h | +3.1% | +0.0028% | |
 |
8h | +2.8% | +0.0026% | |
 |
8h | +2.2% | +0.0020% | |
 |
8h | +1.1% | +0.0010% | |
 |
8h | +1.0% | +0.0009% | |
 |
8h | +0.9% | +0.0008% | |
 |
8h | -0.9% | -0.0009% | |
 |
8h | -3.0% | -0.0028% | |
 |
1h | -4.7% | -0.0129% | |
 |
8h | -6.9% | -0.0063% |
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A Bitcoin funding rate is the periodic payment that keeps a BTC perpetual tethered to spot. When funding is positive, longs pay shorts; when it is negative, shorts pay longs. Because each exchange prices funding off its own order book and leverage skew, the same BTC perp can carry very different funding on Binance, Bybit, Hyperliquid or Lighter at the same moment — which is exactly what a cross-exchange table surfaces.
Seeing all 15 exchanges at once is the point. A single exchange's funding tells you about that one book; the spread across exchanges tells you where BTC positioning is stretched and which side is cheapest to hold. Persistent gaps between exchanges are also the raw material for funding arbitrage — hold the perp where funding pays you, short it where it costs the least, and collect the APR spread while staying market-neutral.
The OI-weighted aggregate at the top collapses all of that into one comparable number: each exchange's rate is weighted by its open interest, so the biggest, most-liquid BTC books count for the most and a thin outlier can't distort the reading. The annualized rate (APR) then makes exchanges on different settlement schedules — 8-hour, 4-hour, hourly — directly comparable, since a small per-interval rate can still annualize into a meaningful carry on a position held over days.
A Bitcoin funding rate is the recurring payment exchanged between long and short holders of a BTC perpetual contract to keep its price aligned with spot. It is quoted per funding interval and shown here annualized (APR) so exchanges on different schedules can be compared directly.
Each exchange sets BTC funding from its own order book and trader positioning, so the rate on one exchange can be several times another's — or the opposite sign. A cross-exchange view shows where leverage is most one-sided and which side is cheapest to carry, something no single exchange's page reveals.
Positive funding means BTC longs pay shorts, typically when the market leans long and the perp trades above spot. Negative funding means shorts pay longs, typically when sentiment is bearish and the perp trades below spot. The size of the rate scales with how one-sided the leverage is.
It is a single BTC funding number that averages every reporting exchange, weighting each by its open interest. Larger, more-liquid books count for more, so the aggregate reflects where most BTC leverage actually sits rather than treating a thin exchange the same as Binance.
APR annualizes the per-interval rate: an 8-hour rate settles three times a day, so APR ≈ rate × 3 × 365; hourly exchanges like Hyperliquid multiply by 24 × 365. Rates here aggregate across the CEX and perp DEX exchanges PerpDexWars tracks — including Binance, Bybit, OKX, Hyperliquid and Lighter — refreshed every few minutes.