Crypto Funding Rate Calculator
What a holding window costs in perpetual funding. Inputs: size, mark price, live funding rate. Output: total paid or received across N 8h cycles.
Period: every 8h · 00:00 / 08:00 / 16:00 UTC
Enter position and funding rate
Perpetual funding formula
Perpetual futures have no expiry. Instead, funding payments keep the perp price anchored to the spot price. Every 8 hours (00:00 / 08:00 / 16:00 UTC), longs pay shorts when the rate is positive — and receive from shorts when it is negative.
Positive rate + long position = you pay. Negative rate + long position = you receive.
Funding cost at $9,420 notional
(0.1 BTC × $94,200 mark price). Rate is the per-period rate; costs scale linearly with notional and holding time.
Frequently asked questions
What is the perpetual funding rate and why does it exist?
The funding rate is a periodic payment exchanged directly between long and short perpetual holders. Its purpose is to anchor the perpetual contract price to the underlying spot price, since perpetuals never expire. When the perp trades above spot, longs pay shorts, which discourages new longs and pulls the perp down. When it trades below, shorts pay longs. The rate is calculated from the perp-spot premium and the borrowing cost of the underlying asset.
Who pays funding, longs or shorts?
Longs pay shorts when the funding rate is positive, and shorts pay longs when it is negative. A positive rate means the perp is trading at a premium to spot (typical in bullish markets), so long-side demand is taxed and short-side supply is rewarded. A negative rate means the perp is at a discount (typical in capitulations or heavy short positioning), and the flow reverses. The MarketTrace funding page shows the live sign per asset.
How often is funding paid on Binance, Bybit, OKX and Hyperliquid?
The three CEX run the same schedule: Binance, Bybit and OKX all pay funding every 8 hours at 00:00, 08:00 and 16:00 UTC, so a position held for one full day is charged or credited three times. Hyperliquid is different — it pays every hour on the hour (24 times per day), with each cycle's rate roughly one-eighth of the 8-hour CEX number. Bybit and OKX have introduced 4-hour and 1-hour cycles on certain altcoins, but BTC, ETH and SOL stay on the 8-hour schedule across the three CEX.
What's the difference between a positive and negative funding rate?
A positive rate means longs pay shorts and the perp price sits above spot. It signals long-side overcrowding and is taxed by funding flows. A negative rate means shorts pay longs and the perp sits below spot, signalling short-side overcrowding. Persistent funding above 0.05 percent per 8 hours (about 55 percent annualised) on majors usually marks late-cycle leverage; persistent negative funding marks washout regimes.
Can funding alone make a long-term trade unprofitable?
Yes, especially on small directional edges. A 0.03 percent rate per 8 hours compounds to about 33 percent per year. A long trade expecting 50 percent over a year keeps only 17 percent after funding, before fees and slippage. During hot bull regimes funding can spike to 0.1 percent per 8 hours (about 110 percent annualised), at which point any long carry edge is destroyed and short carry strategies become attractive. Always size long-term carry against expected funding.
Does funding affect my liquidation price?
Indirectly, yes. Funding is debited from or credited to your wallet balance every cycle, not the position itself. Each debit reduces your free margin, which moves the liquidation price closer in cross margin and shrinks the buffer in isolated margin. Over a multi-week trade with positive funding, the steady drag on margin can lift the effective liquidation distance by several percent. The dedicated liquidation calculator lets you re-input the new margin to see the shift.