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Perpetual funding rate

What traders holding long perpetual futures paid those holding shorts, annualised, since 2019.

10.7% on Sep 22, 2026, against 3.7% a year earlier.

A perpetual future has no expiry, so it is held to the spot price by a payment between longs and shorts every eight hours. When the rate is positive, longs pay shorts: the market is leaning long and paying for it. Negative means shorts are paying longs to stay short.

Shown annualised from Deribit’s BTC perpetual, with a seven-day average over the daily reading. Sustained readings above 20–30% have marked overheated markets; a rally on flat or negative funding is being driven by spot buying and short covering rather than by new leverage.

Perpetual funding rate, annualised, month by month

MonthPerpetual funding rate, annualised
Oct 20257.9%
Nov 20250.6%
Dec 20258.2%
Jan 20264.5%
Feb 2026-3.8%
Mar 20261.5%
Apr 2026-1.0%
May 20262.0%
Jun 20261.4%
Jul 20264.9%
Aug 20263.7%
Sep 202610.7%

Questions

What is perpetual funding rate today?
10.7% as of September 23, 2026, up 62.6% over the last 30 days.
How has it changed over the past year?
A year ago it was 3.7%; today it is 10.7%, a change of +190.8%.
What is the highest perpetual funding rate, annualised on record?
126.8%, on June 28, 2019.
How is this chart calculated?
A perpetual future has no expiry, so it is held to the spot price by a payment between longs and shorts every eight hours. When the rate is positive, longs pay shorts: the market is leaning long and paying for it. Negative means shorts are paying longs to stay short.

By year

2026 · 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019

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Updated daily. Latest data 2026-09-23.

US spot bitcoin ETF flows · Bitcoin held by US spot ETFs · Bitcoin futures open interest · Daily liquidations