The perpetual's own anchor: what longs pay shorts (or the reverse) to keep positions open.
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A perpetual future has no expiry, so the exchange needs a mechanism that pulls the contract's price back toward the index when traders push it away. That mechanism is funding: a periodic payment between the long side and the short side, sized by the gap between the contract price and the underlying index. When the contract trades rich, longs pay shorts; when it trades cheap, shorts pay longs. The rate is small per interval — typically a few basis points every eight hours — but it applies to the whole notional of every open position, which is why it is both a cost model and a sentiment gauge.
Read as sentiment, funding is crowdedness. A persistently positive rate says the levered crowd is long and paying for the privilege; a deeply negative rate says the levered crowd is short. Extremes in either direction have historically clustered near squeezes — not because funding predicts direction, but because a crowded side is the fuel a squeeze consumes.
Read as cost, funding is arithmetic a levered trader cannot ignore: an annualized rate above the yield of the position itself turns a correct directional view into a losing trade. The table on this page prints the latest measured rate for the major USDT-margined perpetuals.
Sign first, magnitude second: positive means longs pay, negative means shorts pay. The 8-hour figure annualizes roughly by ×3×365 — a 0.01% rate is routine; a 0.10%+ rate is a crowded book.
Compare against the position you would hold: if you are long and funding is positive, you are paying the crowd you joined.
Watch the change, not just the level — a rate that flips sign after a violent move marks a flushed side better than any single reading.
Rates are read from the venue's own funding feed (Binance USDT-M) through the platform's derivatives engine — the same provider functions the Derivatives tab and Terminal use. Each symbol's latest interval is printed as stored; a symbol whose feed is quiet at read time is simply absent from the table rather than shown as zero.
The periodic payment between long and short holders on a perpetual future, sized to pull the contract price back to the underlying index. Positive: longs pay shorts. Negative: shorts pay longs.
It is the levered crowd's positioning, printed as a number. Spot traders read it as a gauge of how crowded a move is, because the paying side is by definition the crowded side.
Typically every 8 hours on the major venues (some venues shorten the interval in volatile regimes). This page shows the latest measured interval per asset.
Neither by itself. Very positive funding means the long side is crowded and paying; that has often preceded long squeezes, just as very negative funding has preceded short squeezes. It is a conditioning variable, not a signal.
The USDT-margined perpetuals on Binance, read through the platform's own derivatives engine. Venue-specific rates differ slightly; the majors' rates track each other closely.