Weighted by open interest from 5 reporting exchanges · 10 tracked
+0.0054% every 8 hours. Longs pay on 8 of 10 exchanges.
Bitcoin Funding RatesLongs are paying about 6.0% a year to hold Bitcoin perps
The average Bitcoin funding rate is 0.0054% every 8 hours, about 6.0% a year, weighted by open interest across the 5 of 10 exchanges we track that report it (simple average of all 10: 3.8%). It’s positive on 8 of 10, so traders who are long are paying those who are short.
All exchanges
Bitcoin funding rate by exchange
Each exchange’s rate as quoted, per 8 hours, and per year, with 7- and 30-day averages. Sorted by open interest.
Annualized: the 8-hour rate × 3 × 365. Positive: longs pay shorts.
| 30 days | Sources | ||||||
|---|---|---|---|---|---|---|---|
| HyperliquidOnchain; availability depends on your country | +0.0013%every 1h | +11.0% | +11.6% | +9.3% | $3.3B | Sources› | |
| OKXNot for US customers | +0.0017%every 8h | +1.9% | +6.9% | +6.0% | $2.4B | Sources› | |
| DeribitNot for US customers | +0.0000%every 8h | +0.0% | +9.3% | +4.4% | $907M | Sources› | |
| KrakenKraken Derivatives; availability depends on your country | +0.0000%every 1h | +0.4% | +5.1% | +6.5% | $183M | Sources› | |
| dYdXOnchain; availability depends on your country | −0.0002%every 1h | −1.3% | −0.5% | +0.3% | $16M | Sources› | |
| GateNot for US customers | −0.0013%every 8h | −1.4% | +5.2% | +4.5% | not reported · not in the weighted average | Sources› | |
| BitgetNot for US customers | +0.0100%every 8h | +11.0% | +6.5% | +6.8% | not reported · not in the weighted average | Sources› | |
| MEXCNot for US customers | +0.0054%every 8h | +5.9% | +5.5% | +6.5% | not reported · not in the weighted average | Sources› | |
| HTXNot for US customers | +0.0053%every 8h | +5.8% | +5.6% | +5.8% | not reported · not in the weighted average | Sources› | |
| Coinbase Intl.Not for US customers | +0.0006%every 1h | +5.3% | – | no history | – | not reported · not in the weighted average | Sources› |
30 days
How Bitcoin funding has moved
Daily average funding, annualized, on the four largest exchanges by open interest. Today’s average is above the 30-day average of 5.6%.
Annualized funding, daily averageexchange APIs
HyperliquidOKXDeribitKraken0% line: no payments either way
Calculator
What funding would cost you
At today’s rate and at each exchange’s 30-day average. Before trading fees.
Funding vs. borrowing
Funding is paying more than it costs to borrow dollars
Bitcoin funding is about 6.0% a year. Borrowing USDS, a dollar stablecoin, against Bitcoin on Spark (Ethereum) costs about 4.1%. That 1.8-point gap is why traders run the “cash-and-carry” trade: hold Bitcoin, short the perp to collect funding, and stay neutral on price. The gap closes quickly when funding falls, and the trade carries exchange and liquidation risk.
Other venues in our feedSep 22, 4:26 PM ET
| Kalshi | 0.0% | +7.8% | $14M |
|---|---|---|---|
| Polymarket | +3.7% | +10.8% | $11M |
| Binance | −4.8% | – | $9.2B |
From our Sep 22, 4:26 PM ET feed, not today’s capture, so not ranked above. Binance doesn’t serve US customers or US requests.
Explanation
How Bitcoin funding rates work
What is a funding rate?
A perpetual future (“perp”) tracks Bitcoin’s price but never expires. To keep its price near the spot price, the exchange makes one side pay the other at regular intervals: that payment is the funding rate. When the rate is positive, traders who are long pay those who are short; when it’s negative, shorts pay longs. The exchange doesn’t keep it.
How to read the rates on this page
Exchanges pay funding on different schedules. OKX, Gate, Bitget, MEXC and HTX pay every 8 hours; Hyperliquid, dYdX, Kraken and Coinbase International pay every hour; Deribit accrues continuously. So we show each rate three ways: as the exchange quotes it, per 8 hours (the convention most traders use), and per year. For example, 0.0100% every 8 hours is 0.03% a day, or about 10.95% a year.
What funding says about the market
Positive funding means more traders want to be long than short, so they pay to keep their positions. A rate around 0.01% every 8 hours (about 11% a year) is the baseline many exchanges default to when the market is balanced. Much higher rates signal crowded longs, which often precede sharp drops as leveraged longs are forced out. Negative funding means shorts are paying, which usually reflects fear or hedging demand.
What happens when funding is negative?
Shorts pay longs. If you hold a long position, you receive the payment; if you’re short, you pay it. Negative funding is usually short-lived for Bitcoin, because traders step in to collect it by buying the perp and selling spot, which pushes the rate back toward zero.
Perps vs. dated futures
Dated futures expire on a set day and their price difference from spot (the basis) shrinks to zero at expiry. Perps never expire; funding does that job continuously. Perps are easier to hold, but the funding cost can add up: at 11% a year, a $10,000 long costs about $3 a day. On a dated future, that cost is built into the price instead.
Risks
Perps are leveraged, and leverage can liquidate a position after a small price move. Funding rates change every period and can flip sign quickly. Most of the exchanges on this page don’t serve US customers; check where an exchange is licensed and whether it accepts customers from your country before you trade.
Methodology
Each exchange’s funding is read from its public API and converted to an 8-hour rate and to a yearly rate, so venues that pay every hour and every 8 hours can be compared. Headline figures weight exchanges by open interest. Full methodology →
Full methodology
UnitsRates are shown per 8 hours (the market convention) and per year (× 3 × 365). An exchange that pays hourly is converted by × 8 before comparison.
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, 3:54 PM ET: a frozen copy for citation
- Bitcoin perpetual funding by exchange (CSV)
- Every figure and contract on this page (CSV)
Questions
What is the Bitcoin funding rate today?
About +6.0% a year, or +0.0054% every 8 hours, weighted by open interest across the 5 of 10 tracked exchanges that report it (observed Sep 25, 2026). The simple average of all 10 is +3.8%.
What is the perpetual funding rate?
A periodic payment between traders who are long and short a perpetual future, set so the perp’s price stays close to the spot price. Positive means longs pay shorts.
What happens if the BTC funding rate is negative?
Shorts pay longs. Longs receive the payment and shorts pay it, usually until traders buying the perp push the rate back toward zero.
Are perps better than futures?
Neither is better. Perps never expire and are simpler to hold, but you pay or receive funding. Dated futures expire, and their cost is built into the price instead.
How often is funding paid?
Every 8 hours on OKX, Gate, Bitget, MEXC and HTX; every hour on Hyperliquid, dYdX, Kraken and Coinbase International. Deribit accrues it continuously.
How much does funding cost on a $10,000 position?
At today’s average of +6.0% a year, a $10,000 long pays about $1.63 a day. Use the calculator for your size and exchange.
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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