Perp Funding Rates: BTC & ETH on 7 Exchanges

What a funding rate is

Perpetual futures never expire, so exchanges use a periodic payment between longs and shorts to keep the contract’s price near the spot price. When the perp trades above spot, longs pay shorts; when it trades below, shorts pay longs. That payment is the funding rate.

How to read this page

Exchanges quote funding per 1, 4 or 8 hours, which makes them hard to compare. We convert every rate to percent per year. A rate of +10% means a $10,000 long would pay about $1,000 over a year if the rate held; −7.5% means it would be paid about $750.

Why the same coin costs different amounts

Each exchange has its own traders, leverage limits and funding formula. When one venue is crowded with leveraged longs, its rate rises; a venue with more shorts can pay longs instead. The spread between venues is often wider than the average itself.

Funding isn’t the only cost

Trading fees, the spread and liquidation risk usually matter more than funding for short holds. Funding matters most for positions held for weeks. Rates change every period, so today’s annualized number is a snapshot, not a quote.

Perps on prediction markets

Kalshi and Polymarket now list crypto perpetuals alongside event contracts. Their funding follows the same idea, and both appear in the table so you can compare them with crypto-native exchanges.