Plasma Futures Funding Rate
Track Plasma perpetual futures funding rate across 5 perp venues.
What is Funding Rate for Plasma?
The Plasma funding rate is the periodic payment between long and short holders of XPL perpetual futures. It keeps the perpetual price close to the spot price, because perpetuals have no expiry date to converge on.
Venues settle funding on different schedules (anywhere from every hour to every 24 hours, depending on the exchange and market), so Sharpe annualizes each venue's XPL rate from its own interval before comparing 5 perp venues.
How to read the Plasma Funding Rate chart
A positive Plasma funding rate means longs pay shorts, which happens when perpetuals trade above spot and demand for leveraged longs is high. A negative rate means shorts pay longs.
Persistently high positive funding points to crowded XPL longs and makes holding them expensive; deeply negative funding points to crowded shorts and squeeze risk.
Gaps between venues are a carry opportunity: a trader can be long XPL where funding is lowest and short where it is highest, collecting the difference while staying market-neutral.
Latest Plasma Funding Rate snapshot
| Exchange | Contract | Funding Rate | Interval | Annualized APR |
|---|---|---|---|---|
| Crypto.com | XPLUSD-PERP | +0.0053% | 1h | +46.62% |
| HTX | XPL-USDT | +0.0062% | 4h | +13.65% |
| Extended | XPL-USD | +0.0013% | 1h | +11.39% |
| Pacifica | XPL | +0.0013% | 1h | +10.95% |
| Arcus | XPL-USD | +0.0013% | 1h | +10.95% |
| Hyperliquid | XPL-USD | +0.0013% | 1h | +10.95% |
| ApeX | XPL-USDT | +0.0013% | 1h | +10.95% |
| OKX | XPL-USDT-SWAP | +0.0050% | 4h | +10.95% |
| WhiteBIT | XPL_PERP | +0.0050% | 4h | +10.95% |
| Bitget | XPLUSDT | +0.0050% | 4h | +10.95% |
| Aster | XPLUSDT | +0.0050% | 4h | +10.95% |
| BingX | XPL-USDT | +0.0050% | 4h | +10.95% |
| Variational | XPL | +0.0050% | 4h | +10.95% |
| Lighter | XPL | +0.0012% | 1h | +10.51% |
| Lighter Robinhood | XPL | +0.0012% | 1h | +10.51% |
| Bybit | XPLUSDT | +0.0034% | 4h | +7.36% |
| Kraken | PF_XPLUSD | +0.0008% | 1h | +7.36% |
| Deribit | XPL_USDC-PERPETUAL | +0.0060% | 8h | +6.61% |
| LBank | XPLUSDT | +0.0022% | 4h | +4.82% |
| Binance | XPLUSDT | +0.0022% | 4h | +4.71% |
| Bitunix | XPLUSDT | +0.0021% | 4h | +4.62% |
| GRVT | XPL_USDT_Perp | +0.0021% | 4h | +4.60% |
| MEXC | XPL_USDT | +0.0021% | 4h | +4.60% |
| Bitfinex | tXPLF0:USTF0 | 0.0000% | 8h | 0.00% |
| Nado | XPL-PERP | −0.0005% | 1h | −4.60% |
| Gate.io | XPL_USDT | −0.0037% | 4h | −8.10% |
| Polymarket Perps | XPL-USD | −0.0013% | 1h | −11.09% |
| Backpack | XPL_USDC_PERP | −0.0055% | 1h | −48.06% |
| KuCoin | XPLUSDTM | −0.0324% | 4h | −70.96% |
Data last updated
Plasma Funding Rate FAQ
Who pays the Plasma funding rate?
When the XPL funding rate is positive, long holders pay short holders. When it is negative, shorts pay longs. Only traders holding a position at the funding timestamp pay or receive it.
Why is Plasma funding shown as an annualized rate?
A per-period rate is not comparable across venues that settle every hour and venues that settle every 8 or 24 hours. Annualizing each venue's XPL rate from its own interval puts them on one scale.
Where can I compare Plasma funding rates exchange by exchange?
The Plasma funding rates page lists the current XPL rate, interval and annualized APR on every tracked exchange, next to the history chart here.
Annualized funding rate by exchange