What is the Bitcoin funding rate?
A perpetual future has no expiry, so exchanges use funding to anchor it to the underlying spot price. At each funding interval, one side pays the other a small percentage of position value. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs.
How it is calculated
Each venue computes funding from the gap between the perpetual and an index (spot) price, plus an interest component, then applies it per interval. Our page follows the aggregated funding series across tracked venues rather than a single exchange.
How to read it
Persistently positive funding means leveraged demand is skewed long and paying to stay there — a crowded-long condition that can precede long liquidations. Persistently negative funding is the mirror case. Extremes in either direction matter more than the sign on any single day.
What it does not tell you
Funding is a positioning signal, not a price forecast. It says who is paying, not what happens next, and a crowded side can stay crowded for a long time. Live values and per-venue detail are in the authenticated app.