Next funding settles in --:--:--Same $10,000 MAGIC long, one week: $32 more on OKX than on MEXCOpen MEXC →

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Funding Rate Calculator

Funding is a cost of carry, not free money. See what holding a perp position costs per interval, per day, and annualised.

Cost per interval—
Per day—
Over holding period—
Annualised on margin—

Runs entirely in your browser. Nothing is sent anywhere, nothing is stored.

The next number

One figure rarely settles a position. These are the others.

Futures Fee Calculatorwhat the round trip costs before the market movesLiquidation Price Calculatorwhere the position stops existingPosition Size Calculatorhow large the position should have been

See what carry actually cost, day by day →

What funding is

Perpetual futures never expire, so exchanges use a funding payment to tether the perp price to spot. Longs pay shorts when funding is positive, shorts pay longs when it is negative, and it settles every eight hours on most venues.

Reading the number

  1. Sign tells you which side is crowded. Deeply negative funding means shorts are paying to stay short. That is a crowded-short reading, not a sell signal.
  2. Magnitude is cost of carry. A 0.1% funding print is 0.3% a day. On a 10x position that is 3% of your margin every day, before trading fees. Most "the trade went sideways and I still lost" stories are exactly this.
  3. Funding is not free money. The spot-long / perp-short basis trade collects funding but pays fees on both legs and carries liquidation risk on the perp leg.

Questions

How often is funding actually paid?

Every eight hours on most venues, which is three times a day, and a position is only charged if it is open at the settlement instant. Closing a minute before settlement pays nothing; opening a minute before pays the full interval. Some contracts settle hourly, and those are the ones where a rate that looks small is not.

Is negative funding free money?

It is a payment, not a return. Negative funding means shorts pay longs, so a long collects -- and the reason it is negative is that the market is crowded on the other side, which is a statement about positioning and not about direction. The payment is real; the position risk it comes attached to is real too and is usually larger.

Why do two exchanges quote different funding for the same coin?

Because funding is set per venue from that venue's own basis between perp and spot, and the crowds differ. The gap is the whole reason this site exists: the same contract can pay on one venue and cost on another at the same moment, and holding it on the wrong one is a cost with no view attached.

Does funding move my liquidation price?

Yes, quietly. Funding is deducted from margin rather than from an unrealised profit, so a position held through several settlements drifts toward liquidation while the price has not moved at all. It is the mechanism behind most of the accounts of a position that went sideways and still lost.

What counts as a high funding rate?

Read it as a daily figure rather than per interval, because that is the timeframe positions are held on. A 0.01% print is the ordinary resting rate and costs 0.03% a day. A 0.1% print is 0.3% a day, which on a ten-times position is 3% of margin every day before a single trading fee.