Ethereal funding rates and fees
Ethereal lists 18 perpetual markets and settles funding hourly, at 0.050% taker / 0.020% maker. 2 of those markets have a counterparty on another venue with a book deep enough to trade against. The widest right now is short ETH here against Hibachi, paying +18.84% annualized after both venues' taker fees.
A perpetuals DEX built around Ethena's USDe: margin is posted in USDe and keeps earning while it sits as collateral, which is unusual — on most venues idle margin earns nothing. It runs as an EVM appchain that settles on Arbitrum One with Celestia for data availability, and it opened a mainnet alpha in October 2025 after being approved through Ethena governance. The trade-off is a very young venue whose collateral asset carries Ethena's risk on top of the exchange's own.
The pairs
Where Ethereal is worth trading — and against whom.
Every market here, matched against the venue that opens the widest funding gap against it. The axis draws both rates on one scale, and the lit bar between them is the spread — the money. Net APR is what that spread pays after both venues' taker fees, held a week.
| Market | Your side here | On Ethereal | -19% · 0 · +10% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| EETH | Short | +10.00% |  Hibachi-19.27% | +18.84%+29.27% gross · 2.5d to break evenbooks $1.84M · $2.43M | |
| BBTC | Short | +10.00% |  Vest-1.55% | +1.12%+11.55% gross · 6.3d to break evenbooks $4.42M · $1.75M |
Show the 16 pairs on books too thin to trade
| Market | Your side here | On Ethereal | -60% · 0 · +75% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| LLIT | Short | +1.82% |  Orderly-60.12% | +51.51%+61.94% gross · 28h to break evenbooks $41.86K · $61.27K | |
| AAAVE | Long | -47.76% |  Extended+11.39% | +48.72%+59.15% gross · 30h to break evenbooks $4.98K · $2.18M | |
| FFARTCOIN | Long | +16.16% |  Backpack+75.41% | +45.68%+59.24% gross · 38h to break evenbooks $13.61K · $86.49K | |
| MMON | Long | +10.00% | Backpack+68.64% | +45.08%+58.64% gross · 39h to break evenbooks $33.05K · $257.29K | |
| BBERA | Short | +10.00% | Orderly-37.66% | +37.23%+47.66% gross · 37h to break evenbooks $13.42K · $119.05K |
Show the 11 other thin pairs
| Market | Your side here | On Ethereal | -60% · 0 · +75% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| SSUI | Long | +10.00% | Hibachi+56.06% | +35.63%+46.06% gross · 38h to break evenbooks $58.76K · $118.71K | |
| EENA | Long | +5.42% | Backpack+41.39% | +22.41%+35.97% gross · 2.6d to break evenbooks $139.86K · $85.95K | |
| XXRP | Long | -0.91% | Hibachi+29.78% | +20.26%+30.69% gross · 2.4d to break evenbooks $33.68K · $66.01K | |
| HHYPE | Short | +37.43% |  Kalshi+0.00% | +19.70%+37.43% gross · 3.3d to break evenbooks $379.18K · $8.32M | |
| PPUMP | Short | +25.73% |  N1-2.63% | +19.50%+28.36% gross · 2.2d to break evenbooks $31.86K · $2.40K | |
| SSOL | Short | +3.28% | Hibachi-24.53% | +17.38%+27.81% gross · 2.6d to break evenbooks $279.87K · $608.77K | |
| TTAO | Short | +10.00% | Orderly-3.21% | +2.78%+13.21% gross · 5.5d to break evenbooks $43.86K · $29.93K | |
| TTON | Short | +10.00% |  Nado-0.12% | -0.31%+10.12% gross · 7.2d to break evenbooks $15.42K · — | |
| XXMR | Short | +8.63% | Orderly+4.09% | -5.89%+4.54% gross · 16.1d to break evenbooks $1.79K · $73.03K | |
| DDOGE | Short | +10.00% | Kalshi+0.00% | -7.73%+10.00% gross · 12.4d to break evenbooks $8.85K · $50.90M | |
| ZZEC | Short | +10.00% | Kalshi+0.00% | -7.73%+10.00% gross · 12.4d to break evenbooks $156.54K · $11.38M |
A pair counts as tradable when both legs did more than $1.00Mof volume in the last 24 hours: a wide spread across two thin books is arithmetic, not a trade. Rates are annualized and 8h-normalized, so an hourly venue and an 8-hour one are directly comparable. Net APR can be negative — the fees have eaten the spread — and those pairs are shown greyed rather than hidden, because “not worth it” is an answer. Funding is a floating rate: it can flip before it has paid you back.
The book
Every market on Ethereal
All 18 perpetuals Ethereal quotes, with the funding rate each one is paying right now.
| BBTC | $64,783.15 | +10.00% | 1h | $4.42M | $19.66M |
| EETH | $1,878.95 | +10.00% | 1h | $1.84M | $11.17M |
| HHYPE | $65.80 | +37.43% | 1h | $379.18K | $1.27M |
| SSOL | $77.52 | +3.28% | 1h | $279.87K | $760.80K |
| ZZEC | $558.05 | +10.00% | 1h | $156.54K | $299.58K |
| EENA | $0.0837 | +5.42% | 1h | $139.86K | $1.39M |
| SSUI | $0.7614 | +10.00% | 1h | $58.76K | $105.94K |
| TTAO | $200.51 | +10.00% | 1h | $43.86K | $17.18K |
| LLIT | $2.62 | +1.82% | 1h | $41.86K | $153.32K |
| XXRP | $1.11 | -0.91% | 1h | $33.68K | $307.23K |
| MMON | $0.0228 | +10.00% | 1h | $33.05K | $100.33K |
| PPUMP | $0.001518 | +25.73% | 1h | $31.86K | $121.17K |
| TTON | $1.61 | +10.00% | 1h | $15.42K | $48.14K |
| FFARTCOIN | $0.1467 | +16.16% | 1h | $13.61K | $48.80K |
| BBERA | $0.1855 | +10.00% | 1h | $13.42K | $13.30K |
| DDOGE | $0.0741 | +10.00% | 1h | $8.85K | $54.89K |
| AAAVE | $99.64 | -47.76% | 1h | $4.98K | $495.37K |
| XXMR | $330.62 | +8.63% | 1h | $1.79K | $254.01K |
The evidence
How much size Ethereal can absorb
Volume says how much trades here; open interest says how much is actually held. Neither is the reason to put a leg on this venue — the pairs above are — but both decide whether the leg you want will fill.
Each point is the rolling 24-hour figure as of that hour.
FAQ
Ethereal, answered
What is the funding rate on Ethereal?
There is no single rate — every market has its own, and it moves every funding period. Across all 18 perpetual markets on Ethereal right now, the average annualized funding is +7.77%, which means the venue as a whole is currently charging longs to hold. Ignoring the direction, the average market pays or charges 13.17% annualized, and that is roughly what being on the right side of it is worth. The live rate for every individual market is in the table on this page.
How often does Ethereal pay funding?
Ethereal settles funding hourly, though it does not publish a schedule for the next settlement, so no countdown is shown on this page rather than a guessed one. The interval matters more than it looks: a rate quoted per hour and a rate quoted per eight hours are not comparable until they are put on the same basis, so every figure on this site is normalized to an 8-hour basis before it is compared or ranked.
What are Ethereal's trading fees?
Ethereal charges 0.050% to take liquidity and 0.020% to make it. These are the fees used in every net-APR figure on this page: a funding trade pays the taker fee four times (in and out of both legs), which is exactly why a wide spread held briefly can still lose money.
How many markets does Ethereal list?
We collect 18 perpetual markets from Ethereal. All of them report 24-hour volume. Every one is listed with its mark price, funding rate and funding interval in the book on this page.
Which exchange pairs best with Ethereal for funding arbitrage?
Right now, Hibachi: shorting ETH on Ethereal against the opposite leg on Hibachi opens a gross funding spread of +29.27% annualized, which is +18.84% after both venues' taker fees. That is one snapshot of a rate that floats — 2 of Ethereal's markets currently have a counterparty on a book deep enough to trade, and all of them are ranked on this page.
Is Ethereal good for funding arbitrage?
As one leg, yes: 2 of Ethereal's 18 markets have a counterparty on another venue where both books cleared $1.00M in the last 24 hours, and its 0.050% taker fee is charged twice in a round trip on this leg. What decides the trade is the OTHER venue — the spread is the distance between two funding rates, so a venue is never good or bad on its own. The pairs above name the counterparty for each market.