Bitcoin
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Track Bitcoin perpetual futures funding rate across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Bitcoin (BTC) perpetual futures funding rate data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Annualized perpetual futures funding rate paid between long and short holders. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Bitcoin (BTC) is the deepest and most liquid perpetual futures market in crypto, listed on every major venue from Binance and Bybit down to regional Korean DEXs. Aggregate BTC perp open interest peaked above $40B in March 2024 during the spot-ETF launch rally and again above $60B in late 2024 as price cleared $100K. Binance, Bybit, OKX, Hyperliquid, and the CME collectively clear roughly 85% of BTC perp volume; CME basis is the cleanest institutional-positioning read since retail cannot access it. Because BTC is the settlement asset for most cross-margined books, forced BTC liquidations cascade into altcoin selling within minutes — BTC futures data leads the rest of the complex on any meaningful deleveraging event, which is why traders chart it first before anything else.
The funding rate is a periodic payment between perpetual futures holders that keeps the contract price anchored to the underlying spot index. Funding is calculated from the premium/discount of perp vs. spot plus an interest component, charged every 1-8 hours depending on the exchange. Positive funding means longs pay shorts (bullish positioning crowding); negative funding means shorts pay longs (bearish crowding). Annualized funding above 50% APR on majors is an extended reading; above 100% is crowding territory that historically precedes corrections within days. Funding is one of the purest real-time sentiment gauges in crypto because the payment is a hard economic cost of maintaining a crowded position.
Annualize before interpreting — funding is often quoted as a rate per interval (e.g. 0.01%/8h) which must be multiplied by periods/year. Compare funding across exchanges: retail venues like Binance/Bybit often over-extend while institutional-skewed venues (OKX, Deribit) stay calmer. Divergence between exchange funding rates is an arbitrage window and a positioning-divergence signal. Deep negative funding (below -30% APR) during a downtrend flags short-side exhaustion and frequently marks local bottoms within 24-72 hours.