The trade behind the numbers
BTC funding rates, explained
Every venue prices BTC funding on its own book and its own clock. The gap between the cheapest and the richest is the whole trade — here is where it sits today, and what is left of it after fees.
The spread
How the BTC spread is traded
Why the gap exists
The venues disagree, and that is the trade
A perpetual future never expires, so exchanges tether it to spot with a funding payment: a positive rate means longs pay shorts, a negative one means shorts pay longs. Every venue sets its own rate, on its own schedule, from its own order book — so the same contract can pay on one exchange and charge on another at the very same minute.
Hold both legs in equal size and the price risk cancels: whatever BTC does, one leg gains what the other loses. What is left is the funding difference — an annualized 12.26% here, 3.40% once the round-trip fee of $1.70 per $1,000 is paid. Close before roughly 121 hours and it loses money however wide the spread looks — which is why break-even sits next to every number.
See the same maths applied across every coin on the strategy board and the markets table.
FAQ
Questions about BTC funding
What is the BTC funding rate right now?
N1 is paying 0.0002% per 1h, while Hibachi charges 0.0016% per 1h. The table above lists the current rate on all 21 venues that quote BTC perpetuals.
Which exchange has the best BTC funding rate?
It depends on your side. A long pays least on N1; a short earns most on Hibachi. Running both at once captures the gap between them without taking a directional bet on BTC.
How is the annualized BTC funding APR calculated?
Each venue pays funding on its own schedule — hourly, four-hourly or eight-hourly. We normalize every rate to a common period and compound it over a year, so venues on different schedules can be compared on one axis. Fees are then subtracted over the intended hold to give the net APR.
Is BTC funding arbitrage risk-free?
No. The price risk is hedged, but fees, a rate that flips mid-hold, liquidation on one leg through margin imbalance, withdrawal delays and exchange risk all remain. Net APR and break-even tell you whether the trade survives its own costs — not whether the venues survive.
More markets
Funding rates for other coins
The widest spreads on the board right now, net of both venues' taker fees — long the first venue, short the second.
