Funding scoreboard
6 perpetual futures × 4 venues at a glanceCurrent funding rate per perp, ranked against each venue's own history. Binance, Bybit and OKX settle every 8 hours; Hyperliquid every hour. Negative streaks mean shorts pay longs; positive means longs pay shorts.
FAQ
What is a funding rate term structure?
Funding term structure is a side-by-side view of current 8-hour funding rates across multiple perpetual pairs, ranked against each pair's own 2-year history. MarketTrace shows it for BTC, ETH, SOL, BNB, XRP and DOGE so you can compare which perp is cheap or expensive to short or long right now relative to its own past.
What does a funding rate percentile mean?
A funding rate percentile of N means N% of the asset's 8-hour funding cycles in the last two years printed at or below the current rate. The 0th percentile is the most negative reading in the 2-year window; the 100th is the most positive. A current reading at the 1st percentile is therefore an unusually negative print historically.
What does a negative funding rate mean?
Negative funding means short positions pay long positions at each 8-hour funding settlement on Binance perpetuals. It is the reverse of the normal state where longs pay shorts. Negative funding signals that the order book is leaning short and the exchange is incentivising longs to take the other side.
What is a funding streak?
A funding streak is the run of consecutive 8-hour cycles that share the same sign as the latest cycle. A 3-day negative streak means nine consecutive cycles of negative funding. Streaks are flagged 'rare' when the current length is in the top 10% of historical same-direction streaks for that asset.
Which crypto perpetuals does MarketTrace track funding for?
MarketTrace tracks funding rates for the six largest USDT-margined perpetual pairs across Binance, Bybit, OKX and Hyperliquid: BTC, ETH, SOL, BNB, XRP and DOGE. Each venue's percentile is ranked against that venue's own history so cross-exchange basis stress shows up directly in the table.
How often is the funding rate updated on the dashboard?
Funding rates settle every 8 hours on Binance, Bybit and OKX perpetuals (00:00, 08:00 and 16:00 UTC) and every hour on Hyperliquid. The MarketTrace dashboard refreshes its current-rate read every 60 seconds and recomputes the percentile on each refresh.
What is Hyperliquid's funding rate?
Hyperliquid settles funding every hour instead of every 8 hours, so a single Hyperliquid funding print is roughly one-eighth the magnitude of a comparable Binance, Bybit or OKX print. Cumulative cost over a 24-hour hold is similar across venues when the perp basis is the same. The MarketTrace scoreboard ranks Hyperliquid funding against its own multi-year history (over 17,000 hourly cycles, vs roughly 2,200 8-hour cycles on each CEX) so the percentile is honest about sample size.