Bitcoin funding rate now
BTC on Hyperliquid
+11.0% a year
That is between zero and the neutral rate: no strong lean either way. Neutral is about +11.0%. Open interest on Hyperliquid is $3.23B.
| Venue | Funding, annualised |
|---|---|
| Hyperliquid | +11.0% |
| Binance | +3.3% |
| Bybit | +7.0% |
The gap between venues is 7.6 points a year: highest on Hyperliquid, lowest on Binance.
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.
Watch Bitcoin's funding next to its price, news and whale flows in Cockpit.
Open CockpitData: Hyperliquid's public API, which also reports the next funding rate on Binance and Bybit. Refreshed every minute. Not investment advice.