Crypto funding rates, live
The current funding rate on Hyperliquid and the next one on Binance and Bybit, annualised so venues with different payment intervals compare directly. Neutral is about +11.0% a year.
Hyperliquid open interest
$11.61B
Average funding, weighted by open interest
+4.3%
Largest markets by open interest
| Market | Open interest | Hyperliquid | Binance | Bybit |
|---|---|---|---|---|
| BTC | $3.23B | +11.0% | +3.3% | +7.0% |
| ETH | $2.66B | -2.6% | -4.0% | +0.8% |
| HYPE | $1.64B | +11.0% | - | - |
| SOL | $618.8M | -22.8% | +4.1% | +2.9% |
| ZEC | $596.0M | +11.0% | +11.0% | +11.0% |
| NEAR | $351.6M | +11.0% | +3.7% | +11.0% |
| XRP | $257.0M | +11.0% | +3.2% | +10.0% |
| PUMP | $198.7M | +11.0% | +11.0% | - |
| LIT | $149.8M | -37.2% | +7.2% | +11.0% |
| ENA | $111.0M | -12.2% | +4.9% | +6.3% |
| DOGE | $104.9M | +11.0% | +7.5% | +4.3% |
| ZRO | $75.6M | -4.8% | +8.4% | +11.0% |
Most crowded longs
No market is clearly crowded long right now.
Most crowded shorts
- LIT-37.2%OI $149.8M
- ONDO-32.2%OI $50.3M
- PENGU-27.6%OI $10.2M
- SOL-22.8%OI $618.8M
- ETHFI-19.6%OI $12.2M
- JUP-19.2%OI $12.6M
Crowded lists use Hyperliquid funding and markets with at least $10M of open interest.
Questions
What is a funding rate?
Perpetual futures never expire, so exchanges keep their price close to the spot price with periodic payments between longs and shorts. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. Hyperliquid charges it every hour, Binance and Bybit usually every 8 hours.
Why are the rates shown as a yearly percentage?
Venues charge at different intervals (1, 4 or 8 hours), so each rate is annualised before they are compared: the rate per interval times the number of intervals in a year.
What counts as a neutral funding rate?
About +10.95% a year. Hyperliquid and Binance add a fixed interest component of 0.01% every 8 hours when the perp trades in line with spot, so a market at that rate is balanced, not crowded long. Clearly above it, longs are paying a premium; below zero, shorts are paying.
Track funding, open interest and cross-venue spreads live in Cockpit's free Derivatives Pulse widget.
Open CockpitData: Hyperliquid's public API, which also reports the next funding rate on Binance and Bybit. Refreshed every minute. Not investment advice.