Range: Kraken -6.6% to Hyperliquid +10.9% a year.
Each venue’s BTC perpetual funding, per year. Positive means longs pay.
SourcesAverage across 6 exchanges, per year.
Perp Funding RatesBitcoin funding averages 2% a year, but the exchange matters more
Annualized funding for 60 perpetual futures across six exchanges, including Kalshi and Polymarket.
Longs pay on 4 of 6 venues.
Each venue’s ETH perpetual funding, per year.
SourcesAverage across 6 exchanges, per year.
Longs are paid about 6.6% a year there right now.
Every coin
Funding by exchange, percent per year
Positive: longs pay shorts. Negative: longs get paid. Green marks the cheapest place to hold a long.
Percent per year. Green is the lowest rate for a long on that row.
60 rows shown
| Sources | ||||||||
|---|---|---|---|---|---|---|---|---|
| BTC$5.9B open interest | +2.2% | 0.0% | +1.6% | +6.1% | -6.6% | +10.9% | +1.2% | Sources› |
| ETH$4.7B open interest | +4.9% | 0.0% | +10.9% | +5.3% | -0.6% | +10.9% | +2.8% | Sources› |
| HYPE$2.0B open interest | +11.7% | 0.0% | +0.1% | +36.8% | +15.9% | +10.9% | +6.6% | Sources› |
| SOL$1.2B open interest | +7.0% | +11.9% | +10.9% | +5.3% | -1.8% | +10.9% | +4.8% | Sources› |
| ZEC$0.98B open interest | +17.0% | 0.0% | +10.9% | +56.9% | +17.1% | +10.9% | +6.3% | Sources› |
| NEAR$0.48B open interest | -0.7% | 0.0% | +10.9% | -7.9% | -29.3% | +10.9% | +10.9% | Sources› |
| XRP$0.43B open interest | +11.1% | +15.7% | +10.9% | -7.0% | +25.1% | +10.9% | +10.9% | Sources› |
| LIT$0.25B open interest | -19.9% | – | -9.1% | -50.8% | – | -6.6% | -13.0% | Sources› |
| DOGE$0.24B open interest | +17.5% | 0.0% | +10.9% | +13.1% | +38.1% | +31.8% | +10.9% | Sources› |
| XAU$0.19B open interest | +15.8% | +8.0% | +5.5% | +44.7% | -1.2% | – | +22.0% | Sources› |
| ENA$0.18B open interest | +38.2% | – | +10.9% | +78.8% | +44.3% | +46.0% | +10.9% | Sources› |
| UNI$0.18B open interest | +16.9% | – | +10.9% | -2.6% | +37.4% | +27.9% | +10.9% | Sources› |
| PUMP$0.18B open interest | +12.7% | – | +10.9% | +37.7% | -6.9% | +10.9% | +10.9% | Sources› |
| SUI$0.14B open interest | +7.6% | 0.0% | +10.9% | +25.4% | -1.8% | +10.9% | +0.1% | Sources› |
| LINK$0.14B open interest | +14.6% | 0.0% | +10.9% | +38.5% | +15.9% | +10.9% | +10.9% | Sources› |
| TAO$0.13B open interest | +35.2% | – | +10.9% | +35.0% | +44.0% | +74.9% | +10.9% | Sources› |
| XPL$0.12B open interest | +120.8% | – | +10.9% | +203.2% | +211.2% | +167.5% | +10.9% | Sources› |
| ONDO$0.12B open interest | +7.1% | – | +10.9% | +19.3% | -16.6% | +10.9% | +10.9% | Sources› |
| BNB$0.11B open interest | +4.6% | 0.0% | +10.9% | +28.0% | -33.3% | +10.9% | +10.9% | Sources› |
| LTC$0.10B open interest | +15.0% | -11.6% | +10.9% | +31.5% | +1.5% | +58.4% | -0.6% | Sources› |
| AAVE$0.10B open interest | +0.3% | 0.0% | +10.9% | +17.5% | -48.8% | +10.9% | +10.9% | Sources› |
| WLD$0.10B open interest | +60.8% | 0.0% | +10.9% | +114.8% | +93.1% | +135.2% | +10.9% | Sources› |
| ADA$0.09B open interest | +13.4% | 0.0% | +10.9% | +15.8% | +31.7% | +10.9% | +10.9% | Sources› |
| XMR$0.09B open interest | +6.0% | – | +10.9% | – | -3.8% | +10.9% | – | Sources› |
| PONS$0.08B open interest | +83.6% | – | +48.8% | – | +173.8% | +68.0% | +43.9% | Sources› |
| PEPE$0.08B open interest | +12.0% | – | +10.9% | +7.0% | +20.2% | +10.9% | +10.9% | |
| SNDK$0.08B open interest | +2.4% | – | +5.5% | +7.0% | -3.0% | – | 0.0% | |
| ZRO$0.07B open interest | +21.1% | – | +10.9% | – | +66.5% | +10.9% | -3.8% | |
| VVV$0.07B open interest | +13.1% | 0.0% | +10.9% | +32.4% | – | +10.9% | +10.9% | |
| ARB$0.06B open interest | +31.7% | – | +10.9% | +90.2% | +48.1% | +10.9% | -1.8% | |
| AVAX$0.06B open interest | +20.5% | – | +10.9% | +56.1% | +13.5% | +10.9% | +10.9% | |
| CASHCAT$0.05B open interest | +297.1% | – | +152.9% | – | – | +425.6% | +312.8% | |
| SPCX$0.05B open interest | +13.2% | – | +5.5% | +32.4% | +14.7% | – | 0.0% | |
| GRAM$0.05B open interest | +74.2% | – | – | – | – | +137.4% | +10.9% | |
| FARTCOIN$0.05B open interest | +40.1% | – | +10.9% | +41.2% | +81.5% | +55.9% | +10.9% | |
| SKHY$0.05B open interest | +17.6% | – | +5.5% | +3.5% | +61.3% | – | 0.0% | |
| SKHYNIX$0.05B open interest | +2.7% | – | +5.5% | – | – | – | 0.0% | |
| BCH$0.05B open interest | +5.3% | 0.0% | – | +21.9% | -13.6% | +10.9% | +7.3% | |
| MON$0.04B open interest | +35.2% | – | – | +1.8% | +93.2% | +34.8% | +10.9% | |
| CL$0.04B open interest | +22.8% | – | +5.5% | +34.2% | +51.4% | – | 0.0% | |
| TRUMP$0.04B open interest | +29.0% | – | – | +34.2% | +60.0% | +10.9% | +10.9% | |
| XAG$0.04B open interest | +8.6% | 0.0% | +5.5% | +7.9% | +20.4% | – | +9.1% | |
| AERO$0.04B open interest | +758.4% | – | – | +2180.4% | – | +84.0% | +10.9% | |
| ASTER$0.04B open interest | +14.0% | – | – | +5.3% | +28.9% | +10.9% | +10.9% | |
| INJ$0.04B open interest | +27.1% | – | – | +63.1% | +23.6% | +10.9% | +10.9% | |
| MU$0.04B open interest | -2.6% | – | +5.5% | -1.8% | -14.0% | – | 0.0% | |
| CRV$0.03B open interest | +9.9% | – | – | -43.8% | +34.9% | +37.5% | +10.9% | |
| XLM$0.03B open interest | +20.5% | – | – | +33.3% | -6.6% | +44.3% | +10.9% | |
| PENGU$0.03B open interest | +196.7% | – | – | +643.0% | +47.9% | +84.9% | +10.9% | |
| TRX$0.03B open interest | -3.6% | – | – | – | +34.7% | -41.4% | -4.2% | |
| GRASS$0.03B open interest | +111.6% | – | – | – | +101.7% | +222.3% | +10.9% | |
| SOXL$0.03B open interest | +51.2% | – | +62.3% | +15.8% | +126.7% | – | 0.0% | |
| CRCL$0.03B open interest | +29.1% | – | +9.6% | +53.4% | +6.0% | – | +47.5% | |
| JUP$0.03B open interest | +18.1% | – | +10.9% | +12.3% | -4.5% | +61.0% | +10.9% | |
| FIL$0.03B open interest | -11.6% | – | – | +5.3% | -73.4% | +10.9% | +10.9% | |
| PAXG$0.02B open interest | +26.5% | – | – | +29.8% | +38.7% | +10.9% | – | |
| ETHFI$0.02B open interest | +58.5% | – | +10.9% | +143.7% | +85.1% | +41.6% | +10.9% | |
| LDO$0.02B open interest | +25.4% | – | -27.5% | +16.6% | +24.9% | +102.2% | +10.9% | |
| QQQ$0.02B open interest | -1.6% | – | – | +10.5% | -15.2% | – | 0.0% | |
| USELESS$0.02B open interest | +10.9% | – | +10.9% | – | – | +10.9% | +10.9% | |
Cost calculator
What a position would cost for a year
| Exchange | Rate a year | You pay (+) or earn (−) |
|---|---|---|
| Kraken cheapest | -6.6% | −$659 |
| Kalshi | 0.0% | +$0 |
| OKX | +1.2% | +$121 |
| Polymarket | +1.6% | +$156 |
| Coinbase Intl | +6.1% | +$613 |
| Hyperliquid | +10.9% | +$1,095 |
Funding only, if today’s rate held for a year. Excludes trading fees, spread and liquidation risk.
The spread
Bitcoin funding, exchange by exchange
BTC perpetual · annualized fundingobserved 6:54 PM ET
Every exchange’s contract, 30 days of history and a cost calculator: Bitcoin funding rates → · Ethereum funding rates →
Explanation
How perpetual funding works
What a funding rate is
Perpetual futures never expire, so exchanges use a periodic payment between longs and shorts to keep the contract’s price near the spot price. When the perp trades above spot, longs pay shorts; when it trades below, shorts pay longs. That payment is the funding rate.
How to read this page
Exchanges quote funding per 1, 4 or 8 hours, which makes them hard to compare. We convert every rate to percent per year. A rate of +10% means a $10,000 long would pay about $1,000 over a year if the rate held; −7.5% means it would be paid about $750.
Why the same coin costs different amounts
Each exchange has its own traders, leverage limits and funding formula. When one venue is crowded with leveraged longs, its rate rises; a venue with more shorts can pay longs instead. The spread between venues is often wider than the average itself.
Funding isn’t the only cost
Trading fees, the spread and liquidation risk usually matter more than funding for short holds. Funding matters most for positions held for weeks. Rates change every period, so today’s annualized number is a snapshot, not a quote.
Perps on prediction markets
Kalshi and Polymarket now list crypto perpetuals alongside event contracts. Their funding follows the same idea, and both appear in the table so you can compare them with crypto-native exchanges.
Methodology
Each exchange’s current funding rate is converted to percent per year so venues with different funding intervals can be compared. Positive means longs pay shorts; negative means longs get paid. The average is a simple mean across the exchanges that list the coin. Not included: Binance (it blocks requests from the US). Full methodology →
Full methodology
UnitsEvery rate is shown as a percent per year, so venues with different payment intervals can be compared.
AveragesAverages are stated on the page as simple or weighted, and every underlying rate is in the downloadable table.
Timestamps“Rates observed” is when we read them; they change on each venue’s own schedule.
What’s excludedTrading fees, spreads, gas and liquidation risk aren’t included in these rates.
Data and sources
- Source records for every number on this page: contracts, quote types, calculations and history
- DeFi Rate prediction-market methodology: how we price, average and label every figure
- Permanent snapshot, Sep 25, 6:54 PM ET: a frozen copy for citation
- Funding rates by exchange, percent per year (CSV)
- Every figure and contract on this page (CSV)
Questions
What is Bitcoin’s funding rate today?
About +2.2% a year on average across six exchanges as of Sep 25, 2026, ranging from -6.6% on Kraken to +10.9% on Hyperliquid.
Does a positive funding rate mean the price will go up?
No. It means more traders are paying to hold leveraged longs than shorts. Crowded positioning can reverse sharply.
Which exchange is cheapest for a Bitcoin long?
Right now, Kraken, where longs are being paid about 6.6% a year. That can change every funding period.
About the authors
Christopher Feery has written professionally since 2014 and has covered the gambling industry full time since New Jersey legalized sports betting in 2018.
Cheryle Shepstone is DeFi Rate’s Director of Content and Strategy and oversees its prediction-market research, platform reviews and editorial methodology.
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