Ethereum
Sectors
Sentiment
Track Ethereum perpetual futures funding rate across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Ethereum (ETH) 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.
Ethereum (ETH) has the second-deepest perpetual market in crypto with aggregate open interest routinely running $15-25B across Binance, Bybit, OKX, Deribit, and Hyperliquid. ETH perps carry distinct funding dynamics vs. BTC because the ETH carry trade (long spot, short perp) is actively farmed by staking-yield arbitrageurs — baseline ETH funding is structurally lower than BTC funding, often by 5-10% APR. ETH dated futures on CME and Deribit provide the cleanest read on institutional hedging flow. Watch the ETH/BTC OI ratio: when ETH OI grows faster than BTC OI, it's historically signaled the early innings of altcoin seasons (2020 DeFi summer, 2021 L2 rotation, 2024 restaking cycle). ETH liquidation clusters below the spot price are the single most-watched map in the altcoin book.
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.