Bitcoin funding rate and open interest
How leveraged traders are positioned: the average funding rate and total open interest on Bitcoin perpetual futures.
Derivatives today
Compiled by SBZ from the major derivatives exchanges. Updated hourly.
Funding is what traders holding leveraged perpetual futures pay each other every few hours: positive means buyers (longs) pay, so leverage leans bullish; negative, the reverse. Open interest is the value of all futures positions still open. Figures cover the major derivatives exchanges, with funding weighted by position size; history is recorded daily from October 2026.
What is the funding rate?
Perpetual futures have no expiry date. To keep their price close to the spot price, traders on one side pay those on the other every few hours. When the funding rate is positive, buyers (longs) pay sellers (shorts), a sign that leveraged demand is leaning bullish; when it is negative, the reverse. Many exchanges use 0.01% per eight hours as a neutral baseline.
Open interest
Open interest is the total value of futures positions still open. Rising open interest with a high funding rate means leverage is building up, which can lead to sharp moves when positions are forced to close. We add up perpetual futures on the major exchanges and weight funding by position size; small venues, some of which report inflated figures, are left out.
How to read it
Very high funding, well above the 0.01% baseline, has often appeared near short-term tops; deeply negative funding near capitulation lows. Moderate positive funding is normal in a calm or rising market.
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Frequently asked questions
What is the Bitcoin funding rate?
A periodic payment between holders of long and short perpetual futures positions that keeps the futures price close to spot. Positive means longs pay shorts.
What is a normal funding rate?
Around 0.01% per eight hours is a common neutral baseline. Much higher readings point to crowded long positions; negative readings to crowded shorts.
What is open interest?
The total value of futures contracts still open. It measures how much leverage is in the market.
Which exchanges are included?
The major derivatives exchanges, including Binance, Bybit, OKX, Bitget, Deribit and Hyperliquid. Funding is weighted by each market’s open interest.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.