USUAL funding rates

USUAL perpetual funding across 7 venues. Rates are annualized (APR); positive means longs pay shorts.

Data as of 2026-10-12 03:10 UTC · refreshed every 5 min

Best pair · 7d: 1.0%long MEXC, short Bybit · net −2.9%
Highest funding now: 10.9%Hyperliquid
Lowest funding now: 10.9%Hyperliquid
Listed on: 7 venues

Funding by venue

													Open
Hyperliquid	USUAL	10.9%	10.9%	10.9%	11.2%	10.9%	100%	1h	—	0.01245	$321k	$100k	HyHyperliquid
BinanceCEX	USUALUSDT	10.9%	10.9%	10.9%	10.9%	10.9%	100%	4h	04:00	0.01245	$1.9M	$1.8M	BnBinance
BybitCEX	USUALUSDT	10.9%	15.3%	11.9%	14.9%	11.4%	100%	4h	04:00	0.01248	$724k	$183k	ByBybit
BitgetCEX	USUALUSDT	10.9%	10.9%	10.9%	10.9%	10.9%	100%	4h	04:00	0.01247	$708k	$358k	BgBitget
GateCEX	USUAL_USDT	10.9%	10.9%	10.9%	10.9%	10.9%	100%	8h	08:00	0.01246	$834k	$89k	GtGate
MEXCCEX	USUAL_USDT	10.9%	10.9%	10.9%	10.9%	10.9%	100%	4h	04:00	0.01246	$5.1M	$150k	MxMEXC
Variational	USUAL	10.9%	10.9%	10.9%	12.7%	10.9%	100%	4h	—	0.01253	$4k	$846	VaVariational

Sparklines: hourly funding APR over the last 7 days, zero line dashed.

Long/short pairs

Funding spreads, annualized: short-leg rate minus long-leg rate.
											Flags	Open	Calc
		Spread APR				After taker fees			Quality
MEXCCEX	BybitCEX	0.0%	4.3%	1.0%	4.0%	−2.9%	−4.4%	55d	weak	$724k		Mx By	calc
Variational	BybitCEX	0.0%	4.3%	1.0%	2.2%	−1.9%	−2.8%	40d	weak	$4k	low OIspread not incl.	Va By	calc
Hyperliquid	BybitCEX	0.0%	4.3%	1.0%	3.7%	−4.2%	−6.3%	73d	weak	$321k	1h/4h	Hy By	calc
BinanceCEX	BybitCEX	0.0%	4.3%	1.0%	2.8%	−4.5%	−6.7%	77d	weak	$724k		Bn By	calc
BitgetCEX	BybitCEX	0.0%	4.3%	1.0%	4.0%	−5.0%	−7.5%	84d	weak	$708k		Bg By	calc
GateCEX	BybitCEX	0.0%	4.3%	1.0%	4.0%	−5.8%	−8.7%	95d	weak	$724k	8h/4h	Gt By	calc

What the columns and badges mean

now: Current funding spread APR: short-leg rate minus long-leg rate, annualized.
24h: Average spread APR over the last 24 hours, on hours when both venues have data (settled funding, plus predicted rates for hours not settled yet).
7d: Average spread APR over the last 7 days, on hours when both venues have data (settled funding, plus predicted rates for hours not settled yet). Used for ranking and net APR.
30d: Average spread APR over the last 30 days, on hours when both venues have data (settled funding, plus predicted rates for hours not settled yet).
7d trend: Spread APR over the last 7 days in 6-hour averages; the dashed line is zero.
Net APR: 7d spread APR minus taker fees to open and close both legs, spread over the holding period: net = spread7d − fees × 365 / days. Per unit of notional per leg.
On capital: Net APR on the capital posted for both legs at this leverage: net × leverage / 2.
Breakeven: Days of 7d-average funding needed to pay back open+close taker fees.
Min OI: Smaller open interest of the two legs, USD.
steady: Steady: prior-week spread at least 5% APR, last 24h positive and no spike, positive now. Not negative in X% of hours over 7 days.
spike: The last 24h spread is far above the prior 6-day average (more than 3×, or above 15% APR after a weak prior) — it may not last.
mixed: The spread was negative too often: not negative in only X% of hours over 7 days.
new: Less than 4 days of shared history in the prior week: stability cannot be judged yet.
weak: Prior-week spread under 5% APR: too small to call steady.
cooling: The prior week was solid, but the last 24h or the current spread is not positive.
≠ asset?: Mark prices differ by N bps — these may be different assets under one ticker, or contracts of a different size (e.g. per 1,000 coins). Verify before trading.
stale: At least one leg has not updated for over 30 minutes.
low OI: Open interest under $50k on at least one leg — size carefully.
8h/1h: Funding intervals differ (8h vs 1h): payments are not simultaneous.
TradFi: Tokenized stock, index or commodity: trading sessions and oracle rules may differ.
invite only: Invite-only venue: an account needs an invite code, so it is not selected by default. Tick it in the venue filter to include it.
spread not incl.: A leg trades on quotes with no fee (Variational): the cost is the market maker's quote spread, which we cannot see, so the net APR is before it. Compare the quote with the mark price before you trade.
CEX: Centralized exchange: trading needs an account with identity verification (KYC).

Prices now

Buy on the row's venue at its ask, sell on the column's venue at its bid; spread before fees.

Indicative · marks from 2026-10-12 03:10 UTC

Live quotes are unavailable right now (last update: never). Shown instead: indicative spreads between mark prices from the funding snapshot. Marks are taken minutes apart and are not prices you can trade at.

No two venues give a usable spread right now.

USUAL: spread buying on the row's venue and selling on the column's venue
Buy ↓ · Sell →	MEXC0.012459
MEXC0.012459	—

All quotes (7)

Venue	Bid	Ask	Quality	Age	Vol 24h	Flags
MEXCCEX	0.012459	0.012459	mark	9m	$150k	no FX
BinanceCEX	0.0124499	0.0124499	mark	13m	$1.8M	staleno FX
BitgetCEX	0.01247	0.01247	mark	13m	$358k	staleno FX
BybitCEX	0.012481	0.012481	mark	13m	$183k	staleno FX
GateCEX	0.01246	0.01246	mark	13m	$89k	staleno FX
Hyperliquid	0.01245	0.01245	mark	13m	$100k	stale
Variational	0.0125273	0.0125273	mark	13m	$846	stale

All spreads → · Hatched cells use a mark or mid price, a flagged venue or one outside the default selection.

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