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On top of any exchange
| Exchange | Interval | APR ↓ | Rate | APR Bar |
|---|---|---|---|---|
 |
1h | +11.4% | +0.0013% | |
 |
8h | +11.0% | +0.0100% | |
 |
8h | +11.0% | +0.0100% | |
 |
1h | +11.0% | +0.0013% | |
 |
8h | +11.0% | +0.0100% | |
 |
1h | +11.0% | +0.0013% | |
 |
1h | +10.5% | +0.0012% | |
 |
8h | +10.3% | +0.0094% | |
 |
8h | +6.1% | +0.0056% | |
 |
8h | +6.0% | +0.0055% | |
 |
8h | +5.6% | +0.0051% | |
 |
8h | +4.9% | +0.0045% | |
 |
1h | +3.8% | +0.0104% | |
 |
8h | +2.4% | +0.0022% | |
 |
8h | +1.6% | +0.0015% |
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An ETH funding rate is the periodic payment that keeps an Ethereum perpetual anchored to spot. Positive funding means ETH longs pay shorts; negative means shorts pay longs. Each exchange derives its rate from its own book, so ETH funding on Binance, Bybit, Hyperliquid or Lighter can diverge sharply at the same instant — the cross-exchange table makes that spread visible at a glance.
ETH funding is often read alongside the staking and basis backdrop: when spot ETH can earn a staking yield, the perp basis and funding tend to reflect the cost of carrying leverage against that yield. Watching every exchange together shows where directional leverage is crowding in and which exchange is cheapest to hold a position on — the same spread that powers market-neutral funding arbitrage.
The OI-weighted aggregate weights each exchange's ETH rate by its open interest, so the deepest books dominate the single headline number and a thin exchange can't skew it. APR then normalizes different settlement intervals — 8-hour, 4-hour, hourly — into one comparable annualized figure, which is what actually accrues to an ETH position held over time.
An ETH funding rate is the recurring payment between long and short holders of an Ethereum perpetual, used to keep its price aligned with spot. It is quoted per interval and shown here annualized (APR) so exchanges on different settlement schedules compare directly.
Every exchange prices ETH funding from its own order book and positioning, so the rate on one exchange can be a multiple of another's or flip sign entirely. Comparing exchanges side by side reveals where ETH leverage is most stretched and which side is cheapest to carry.
Positive ETH funding means longs pay shorts, usually when the perp trades above spot and the market leans long. Negative funding means shorts pay longs, usually in bearish conditions when the perp trades below spot. The magnitude tracks how one-sided leverage is.
Because spot ETH can earn a staking yield, the perpetual basis and funding tend to price in the cost of holding leverage against that yield. Elevated ETH funding on top of a positive basis signals strong demand to be long with leverage rather than hold staked spot.
APR annualizes the per-interval rate — an 8-hour rate is roughly rate × 3 × 365, while hourly exchanges multiply by 24 × 365. Rates aggregate across the CEX and perp DEX exchanges PerpDexWars tracks, including Binance, Bybit, OKX, Hyperliquid and Lighter, refreshed every few minutes.