Compare crypto funding rates across 33 exchanges in real time.

Perpetual funding rates are periodic payments exchanged between long and short traders on perpetual futures contracts, designed to keep the perpetual price anchored to the spot price. When the funding rate is positive, long position holders pay short position holders, indicating bullish crowding. When negative, shorts pay longs. Most exchanges settle funding every 8 hours (Binance, Bybit, OKX, Deribit), while Hyperliquid settles every 1 hour.

Sharpe tracks perpetual funding rates from 33 venues: CEXs such as Binance, Bybit, OKX, Deribit, Gate.io, Bitget, KuCoin and MEXC, plus perpetual DEXs such as Hyperliquid, dYdX, Aster, Lighter and Backpack. This covers over 11,000 individual funding rates per update cycle across thousands of perpetual futures pairs. All data is fetched via direct exchange REST APIs with no third-party aggregator dependency.

The annualized funding rate APR is calculated as APR = current_rate x (8,760 / interval_hours), where 8,760 is the number of hours in a year. For an 8-hour funding interval, a rate of 0.01% becomes 0.01% x 1,095 = 10.95% APR. For Hyperliquid's 1-hour interval, the same rate annualizes to 87.6% APR. This normalization makes rates directly comparable across exchanges with different settlement frequencies.

Accumulated funding rates show the total funding actually collected over a specified period (7 days, 30 days, or 90 days) by summing each individual settlement. Unlike the current spot rate, accumulated rates reveal the actual carry earned over time. A coin with a high current rate but low accumulated rate has only recently become expensive, while moderate current rate with high accumulated rate indicates consistent carry.

Funding rates serve three primary purposes. First, as a sentiment indicator: persistently high positive funding above 0.03% per 8 hours (approximately 33% APR) often precedes corrections. Second, as a carry trade signal: spot-perp arbitrage earns the funding rate by holding spot long and perpetual short simultaneously. Third, as a mean-reversion signal: extreme funding rate readings historically revert within 24-72 hours.

Sharpe collects funding rates via direct exchange REST APIs on a continuous update cycle, with fresh data fetched before each settlement window. Historical funding rate data is stored and aggregated for trend analysis across all 33 exchanges. Rates are displayed as both raw percentage per interval and annualized APR for easy comparison.

The OI-weighted average funding rate weights each exchange's rate by its share of total open interest, giving more influence to exchanges where more capital is positioned. The formula is weighted_rate = sum(rate_i x OI_i) / sum(OI_i). This produces a more accurate market-wide rate than a simple average, because a rate on an exchange with $500M OI matters more than the same rate on one with $5M OI.

Yes. The Funding Rate tracker is available free on Sharpe Terminal with no account required. All 33 exchanges, accumulated rates, coin explorer, highest/lowest rankings, and heatmap views are accessible immediately. The same data is available through Sharpe's REST API, MCP server, and CLI tool for programmatic access.

Most major exchanges (Binance, Bybit, OKX, Bitget) cap the 8-hour funding rate at ±0.375%, roughly 410% APR annualized, as a circuit breaker against runaway rates during extreme positioning. When imbalances push the theoretical rate above the cap, the rate is clamped and the remaining pressure pushes the perpetual price further away from spot instead of flowing through funding. Capped rates often mark leverage dislocation that resolves through liquidations. Hyperliquid caps its 1-hour rate at ±4%, and some exchanges use tighter caps for stablecoin pairs.

dYdX v4 and Hyperliquid settle funding every hour, while Binance, Bybit, OKX, and most other exchanges settle every 8 hours. To compare rates fairly, annualize both: a 1-hour rate of 0.005% equals 0.005% x 8,760 = 43.8% APR, while an 8-hour rate of 0.01% equals 0.01% x 1,095 = 10.95% APR. Hourly funding responds faster to price action, since basis can mean-revert within minutes instead of hours, which is why Hyperliquid's funding is generally tighter than 8-hour venues during fast-moving sessions.

Basis trading is a market-neutral strategy that captures the spread between spot and futures prices. The simplest form, the spot-perp carry trade, is long spot and short perpetual, earning the funding rate with minimal directional exposure. Dated-futures basis trading goes long spot and short a quarterly future, capturing the annualized basis at expiry when futures converge to spot. In strong bull markets, basis trades on BTC and ETH have historically yielded 10-40% APR. The key risks are exchange counterparty exposure, liquidation on the short leg if basis blows out, and funding rate flipping negative.

Exchange-calculated funding rates combine three inputs: the premium index (perp price versus a spot reference index), the interest rate component (a fixed differential between base and quote currency, typically 0.01% per 8 hours), and a clamp function that caps the final rate. The formula is roughly funding = clamp(premium_index + interest_rate, ±cap). When the perp trades above spot, premium is positive and longs pay shorts; when below, shorts pay longs. Different exchanges use slightly different index sources, which explains why rates vary across venues for the same underlying.

The highest live funding rate rotates between exchanges and coins minute to minute; the full grid at /funding-rates carries every venue's current rate, labelled with its own settlement interval. The Highest & Lowest view answers the companion question — which pairs actually paid the most over a chosen window, from 1 day to 1 year — across all 33 tracked exchanges, from Binance, Bybit, OKX, Deribit, Gate.io and Bitget through to Hyperliquid, dYdX, Aster and Lighter. Extreme rates usually reflect leveraged crowding during rallies or dislocation on a single venue. Rows are filtered for coverage so newly listed pairs don't skew results.

A funding rate arbitrage calculator estimates the annualized yield of a spot-perp arbitrage trade given the current funding rate, capital deployed, and trading fees on both legs. The core formula: net APR = (funding_rate × 8,760 / interval_hours) − (maker_fee × 2 × rebalance_frequency). A +0.03% 8-hour rate on $2,000 notional produces roughly 32.95% annualized before fees, dropping to 28-30% after typical maker/maker fees. Sharpe's coin explorer displays annualized APR directly so you can size the carry trade without a separate calculator; a dedicated calculator page is on the roadmap.

Predicted funding rates are each exchange's running estimate of the next funding payment, recomputed continuously from the current perpetual premium. Most major venues expose a predicted rate via their REST API; Sharpe surfaces them per coin in the coin explorer so you can see what funding is trending toward before the interval closes. Predicted rates diverging sharply from the current realized rate is usually the first signal that positioning is getting lopsided. Watch for predicted rates above 0.05% or below −0.05% in the final hour of an 8-hour window as a high-probability rotation signal.

Yes. Sharpe exposes every funding rate, annualized APR, accumulated rate, and ranked row through a free REST API, a free MCP server (for AI agents), and a free CLI tool, with no account required for the public endpoints. Coverage spans all 33 tracked exchanges and 11,000+ perpetual pairs per update cycle. The API is the same endpoint that powers the terminal UI, so data is fresh and consistent with what you see on screen. Most competitor APIs (Coinglass, Laevitas) require a paid tier for funding rate access; Sharpe's public funding endpoint is available on the free tier with abuse protection and documented limits.