BTC Funding Rate, Live
The current Bitcoin perpetual funding rate averaged across major exchanges, what it costs to hold a position, and how it has moved over the last 30 days.
Last updated: · refreshes every 10 minutes
Data aggregated from major perpetual futures exchanges.
Current BTC funding rate
Average rate (per 8h)
0.0011%
Positive: longs pay shorts
Annualised
1.2%
rate × 3 settlements × 365 days
Signal
Neutral positioning
Based on the cross-exchange average
Highest exchange
0.0100%
most expensive venue to be long
Lowest exchange
-0.0060%
cheapest venue to be long
7-day / 30-day average
0.0061% / 0.0053%
per 8h period
Colour convention matches the Trnd Terminal: red when longs are paying heavily, green when shorts are paying.
Funding cost calculator
Position size × current average rate × settlements held through.
A long position pays
$0.33
at 0.0011% per 8h over 3 settlements. A short of the same size receives the same amount.
On the most expensive exchange right now (0.0100%): $3.00.
Assumes the rate stays constant, which it will not. Funding is only charged if you hold through a settlement.
Funding rate history
- Start
- 0.0067%
- Latest
- 0.0015%
- High
- 0.0081%
- Low
- 0.0014%
Hourly averages of 15-minute snapshots, per 8h period.
What the funding rate tells you
Perpetual futures never expire, so there is nothing forcing their price back to spot. Funding is the mechanism that does it: every settlement, one side of the market pays the other a fee proportional to the size of their position.
- PositiveThe perp trades above spot. Longs pay shorts. The market is net-long and paying for the privilege. The higher it goes, the more crowded the long side is.
- NegativeThe perp trades below spot. Shorts pay longs. The market is net-short, which is unusual for Bitcoin and often short-lived.
Extremes in either direction often precede reversals. When funding is very high, the leveraged longs paying it are the same traders who get liquidated on a sharp dip, and their forced selling accelerates the move. When funding is deeply negative, a small rally can trigger a short squeeze. Funding is therefore most useful as a contrarian and risk indicator, not a direction signal on its own. Read it alongside open interest: rising OI with rising funding means fresh leverage is piling into longs.
| Average rate (8h) | Annualised | Reading |
|---|---|---|
| Below 0% | Negative | Shorts paying longs. Crowded shorts, short-squeeze risk. |
| 0% to 0.01% | 0% to 11% | Neutral to baseline. Typical for calm markets. |
| 0.01% to 0.03% | 11% to 33% | Longs paying up. Bullish positioning building. |
| Above 0.03% | Above 33% | Crowded longs. Historically elevated long-squeeze risk. |
How the funding rate is calculated
Each exchange calculates its own rate, but the structure is the same. The rate has two parts: an interest component that reflects the cost of borrowing the quote versus the base currency, and a premium component that measures how far the perpetual is trading from the spot index.
funding rate = premium index + clamp(interest rate − premium index, −0.05%, +0.05%) interest rate = 0.01% per 8h on most exchanges (0.03% per day) premium index = time-weighted (perp price − spot index) ÷ spot index payment = position notional × funding rate, every settlement
When the perp trades at spot, the premium is zero and the rate settles at the 0.01% baseline, which is why a slightly positive funding rate is the normal state. The premium is sampled continuously between settlements, so a spike in price that fades before the settlement time has only a small effect on the rate actually charged.
Exchanges cap the rate (Binance limits BTC-USDT to a fixed range either side of zero) and settle at fixed times, usually 00:00, 08:00 and 16:00 UTC. You only pay or receive funding if you hold the position through a settlement, so a trade opened and closed between two settlements pays nothing.
Funding rate FAQ
What is the BTC funding rate?
The funding rate is a periodic payment exchanged between long and short holders of Bitcoin perpetual futures. Perpetuals have no expiry, so exchanges use funding to keep the contract price close to the spot price: when the perp trades above spot the rate is positive and longs pay shorts, and when it trades below spot the rate is negative and shorts pay longs.
Is a positive funding rate bullish or bearish?
A modestly positive rate (around 0.01% per 8 hours, the default baseline on most exchanges) is normal and simply means slightly more demand for longs. A strongly positive rate means longs are crowded and paying a lot to stay in, which historically often precedes a long squeeze or pullback. Very negative funding is the mirror image and often precedes short squeezes.
How often is funding paid?
Most exchanges, including Binance, Bybit and OKX, settle funding every 8 hours at 00:00, 08:00 and 16:00 UTC. Some venues, such as Hyperliquid and dYdX, settle hourly at a proportionally smaller rate. All rates on this page are expressed per 8-hour period so they are comparable.
How much does funding cost me?
Payment = position notional × funding rate, charged each settlement if you hold the position through it. At 0.01% per 8 hours a $10,000 long pays $1 per settlement, about $3 a day or roughly 11% a year. At 0.05% per 8 hours the same position pays $15 a day, about 55% a year. Use the calculator above with the live rate.
Where does this funding rate data come from?
It is the average of the current BTC-USDT perpetual funding rate across the major perpetual futures exchanges we track, refreshed roughly every 15 minutes, with the highest and lowest single-exchange rate shown alongside. The same feed powers the Trnd Terminal.
Trnd Terminal
See this live in the Trnd Terminal
The terminal shows the same funding feed broken down per exchange, next to open interest, liquidations and sentiment, so you can see which venue is driving the average.
Open the terminalTrade journal
Know how your own trades react to this data
Journal every trade with the market context at entry, and see whether you actually make money fading extremes or following them. Free for up to 10 trades a month, with 30 days of Pro on signup.
Start journaling freeMore live data
BTC open interest
Total perpetual positioning by exchange, with 24h liquidations.
Fear & Greed Index
Today's crypto sentiment reading with 150 days of history.
Sizing a trade around these numbers? Use the free position size calculator.
Rates are averaged across 14 perpetual futures exchanges including Binance, Bybit, Gate, Hyperliquid, OKX, Bitget and others, normalised to an 8-hour period. Figures are informational and not trading advice. History shown from 23 Aug 2026.