Bitcoin
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Real-time BTC perpetual funding rates across 13 major exchanges — Binance, Bybit, OKX, Deribit, Hyperliquid, Gate.io, Bitget, KuCoin, MEXC, HTX, BingX, CoinEx, and BitMEX.
The Bitcoin (BTC) perpetual funding rate is a periodic payment exchanged between long and short holders of BTC perpetual futures contracts, designed to keep the perpetual price anchored to the underlying spot price. When BTC funding is positive, longs pay shorts — signalling bullish leveraged crowding. When negative, shorts pay longs — often during a capitulation or heavy hedging flow. Sharpe aggregates BTC funding rates from 13 exchanges with each exchange's rate normalized to annualized APR (APR = rate × 8,760 / interval_hours) so you can directly compare 1-hour rates from Hyperliquid against 8-hour rates from Binance, Bybit, and OKX.
Bitcoin (BTC) perpetual futures are the deepest derivatives market in crypto, with typical cross-venue open interest in the $30B to $60B range across Binance, Bybit, OKX, Hyperliquid, CME, Deribit, and Bitget. BTC funding is the benchmark sentiment signal for the entire asset class — because BTC is the least reflexive major, funding extremes here are cleaner signals than on any altcoin. Historical baseline on BTC perps sits near 0.01% per 8 hours (~11% APR), which is the natural long-carry cost equilibrium. Sustained BTC funding above 0.05% per 8h (~55% APR) has marked local euphoria in every cycle since 2020, and prints below -0.02% often mark capitulation lows. Settlement cadence is 8-hourly on every major venue except Hyperliquid (hourly) and dYdX (hourly).
Interpret BTC funding in context of the basis and OI. When funding spikes above 0.1% per 8h while OI is also making new highs, the long squeeze risk is acute — 2021 April and 2021 October tops both printed this exact setup. Negative BTC funding below -0.03% for 24+ hours has historically preceded 5-15% relief rallies within a week. Binance tends to lead BTC funding moves in Asian hours; Bybit and OKX frequently run 3-8 bps above Binance during Korean retail buying surges. Post-ETF flows (since Jan 2024), BTC funding has decoupled partially from spot price as cash-and-carry arbitrageurs (CME basis traders) keep perpetual funding capped. Halving cycles historically suppress realized funding for ~60 days pre-event due to hedging flows.
Use the BTC funding rate as three separate signals. First, as a sentiment indicator: persistent 8-hour rates above 0.03% (~33% APR) often precede Bitcoin corrections as leveraged longs crowd. Second, as a carry opportunity: hold long spot + short perp to collect the funding payment while staying delta-neutral — use Sharpe's arbitrage calculator to size the trade. Third, as a cross-exchange divergence signal: when Binance BTC funding diverges meaningfully from OKX or Hyperliquid, the positioning asymmetry often precedes a volatility expansion. Sharpe's funding rate terminal and leaderboard surface these divergences automatically.
The live cross-exchange BTCfunding rate table with annualized APR, accumulated carry, and the full historical chart are on Sharpe's funding rate terminal and coin explorer.