Funding Rates

One page per token: how the funding rate moved on each exchange, where the gap between them was widest, and what that gap added up to over the window.

Selecting a token

Until you pick a token, the page loads nothing: it shows Select a token to load funding and a single Select token ▾ button.

The token picker has a search box, Search token…. Below it is a list of every token that trades on the platform. Each token has a star next to it: click the star to add the token to your favorites. The very last row of the list shows how many tokens remain after your search.

The selected token is written into the page URL, so you can save or share the link and it opens on the same token. If you leave exactly two exchanges in the chart legend, they are added to the URL too, and the link opens the page straight on that pair.

KPI cards

Above the controls sit two rows of cards, PINNED and CUSTOM. How they work is covered on the Live Spreads page; this section only lists what this page shows and one quirk specific to it.

PINNED holds four cards that can't be removed; each has a lock labeled Pinned · core metric:

Card	What it shows
Mean APR	The average funding rate across all of the token's exchanges; the subtitle shows how many exchanges are included.
Highest APR	The highest rate among the exchanges; the subtitle names which one.
APR spread	The gap between the highest and the lowest rate; the subtitle names the pair of exchanges.
Exchanges	How many feeds the platform currently tracks for this token.

CUSTOM has up to five slots. Drag cards by the Drag to reorder handle, remove them with the Remove widget cross, and add them with the Add widget button. In the catalog, a card marked + is available, and a card with a green check mark is already in the row.

The Add widget catalog on this page mirrors the Live Spreads catalog, with the same four groups: SPREADS · FUNDING · LIQUIDITY · PNL. That leads to two things worth knowing up front. The PINNED tag in the catalog marks Top Δ APR, Mean Δ APR, Active pairs and Sum OI tracked, which are the cards pinned on Live Spreads, not this page's PINNED row. And two of this page's pinned cards, Highest APR and Exchanges, aren't in the catalog at all; the 8h funding card sits in the CUSTOM row but isn't listed in the catalog either.

Both rows are calculated across all of the token's exchanges and do not react to what you turn off in the chart legend. They are the page's top-level summary, not a slice of your selection.

Treat the KPI row as your first screen: APR spread tells you right away whether this token has anything worth digging into, and Exchanges tells you how many feeds that was checked against.

Top control bar

Control	What it does
INTERVAL	The window for the chart and panels: 1d · 7d · 30d · 90d. The calendar icon opens a custom range. Defaults to 7d.
UNITS	APR is annualized; BPS 1h is basis points per hour.
TOKEN	Opens the same token picker.
Reset zoom	Resets the chart zoom and sets INTERVAL to the widest window your plan allows. Hotkey: R.

The calendar opens with the Select start date prompt; future dates are disabled. While only one date is selected, the bottom shows Pick a start and end date to preview resolution; once you pick the second date, it shows the step the series will be built with. The buttons are Clear and Apply.

Exchanges calculate funding on different schedules: 1h, 4h and 8h. Both UNITS modes bring them to a common scale, so the lines stay directly comparable. The toggle changes the units on the chart and on the top values of the Funding Δ panel; CUMULATIVE CARRY stays in percent, and the Current rates table ignores the toggle.

A note on Reset zoom: the button doesn't restore the window you picked — it sets the maximum one. On Pro, that is always 90d.

Funding Rates Chart

The chart draws one line per exchange, in that exchange's color. The subtitle on the right tells you what the axes show, annualized APR or 1h rate · basis points, followed by the actual bar step. On 1d, 7d and 30d the bars are hourly; on 90d they are 8-hour bars. While data is loading, the header shows Updating….

The axis is compressed: within ±11.0% the scale is linear, beyond that it is compressed, and both boundaries are marked with dashed lines. This way ordinary rates and four-digit outliers fit on the same screen.

The legend doesn't work like a set of checkboxes:

• clicking an enabled exchange keeps only that exchange;
• clicking a dimmed exchange adds it to the ones already selected;
• clicking the only remaining exchange brings all of them back;
• the Show all · N hidden button appears as soon as anything is hidden and brings everything back at once.

If fewer than two exchanges are enabled, the panels below display Show at least two exchanges in the legend above to compare funding Δ. and stop working.

Hovering shows the timestamp, each visible exchange's rate at that moment, and a bottom Max Δ row with a pair of exchanges: the widest gap at that exact point, not an average over the window.

Gestures: a plain drag pans the window along the time axis, Shift + drag zooms into the selected range, and a double-click or R resets the zoom. The mouse wheel zooms toward the cursor when the chart has focus.

The divergence between the lines is the very spread Live Spreads ranks the market by; here you can see how it built up and how it fell apart.

Funding Δ panel

Funding Δ takes the widest visible pair and turns it into signed carry: one column per bar, a cumulative line on top (blue), and a right axis labeled CARRY.

The panel subtitle reads widest visible pair · stats follow the zoom, followed by a counter such as 262/266 bars both legs. This is coverage: how many bars in the window had data for both legs at once. The closer the first number is to the second, the fewer gaps there are in the figures on the left.

Value	Meaning
MEAN Δ · FUNDING	The average rate difference over the window. The caption net carry if held both legs means this is what the pair would have earned if both legs had been held for the entire window.
SHORT / LONG	The exchange on each side of the pair and its own rate.
CUMULATIVE CARRY	How much the window actually accumulated. The header suffix follows INTERVAL. The line below converts the percentage into dollars for a notional $10,000 per leg.
Peak	The highest accumulated level within the window.
Max drawdown	The largest pullback from that level within the window.
Positive	The share of bars in the window where carry was positive.

Hovering over the panel chart shows the timestamp, each leg's rate, Total carry (the level of the cumulative line at that point), and a final Net carry row: the short leg's rate minus the long leg's rate at that moment.

The panel follows both the legend and the chart zoom: leave two exchanges in the legend, and the whole summary is recalculated for that pair.

Peak, Max drawdown and Positive describe the character of the window, not its result. A steady build-up with Positive near 90% and almost no drawdown reads differently from the same result made up of two spikes.

Price spread panel

Price spread plots the mid-to-mid price difference for the same widest visible pair. The panel has its own 1d · 7d · 30d · 90d switch, independent of the global INTERVAL setting, so you set this window's timeframe separately.

On the right is a summary: MEAN SPREAD for the period with the caption mid−mid · mean over period · SHORT above LONG, plus SHORT and LONG chips with each leg's current price. Read the sign from that caption: a positive value means the short leg is priced above the long leg.

The panel answers the second half of the question the page raises: the rates have diverged, but what about the prices? The same rate gap with tightly aligned prices and with drifting prices makes two different setups.

Volume panel

Volume shows trading volume for this token on each exchange: stacked bars, the subtitle <token> · per exchange, and its own window switch. The legend below lists the eight largest exchanges and folds the rest into others.

The panel follows the chart legend: exchanges you turn off disappear from it too, and the vertical scale is recalculated for the remaining ones.

Use it once you've chosen a pair by rates and need to know what volume those rates live on. An exchange with a high rate and thin volume is not the same as that level on a deep market.

Open Interest panel

Open Interest works like the volume chart but shows open interest, drawn as stacked areas instead of bars. Volume tells you how much passed through the market over the period; open interest tells you how much is sitting in it right now.

If open interest shrinks on one exchange while volume holds up, positions were being closed rather than opened. A rate gap built on such an exchange rests on positions that are leaving, and you want to see that before you open a position.

Current rates table

The bottom block is a “right now” snapshot of every exchange where the token trades, sorted by APR.

Column	Meaning
Exchange	The exchange.
1h funding	The rate normalized to one hour.
8h funding	The same rate multiplied by eight.
APR	The same rate, annualized.
24h Δ	How much APR changed over 24 hours, in percentage points; – if there is no 24-hour history.
24h Trend	A sparkline of the last 24 hourly values; its color follows the sign of 24h Δ.

The first four numeric columns are the same value in different units. 8h funding doesn't mean the exchange charges exactly that much, exactly every eight hours: it is the rate normalized to eight hours, so that exchanges on 1h, 4h and 8h schedules fit in one column. The exchange's actual schedule isn't shown here.

Click any column except 24h Trend to sort by it; click again to reverse the order. Your browser remembers the choice.

Unlike the charts, the table does not follow the legend: it always lists all of the token's exchanges.

Use it to see at a glance which exchange has broken away from the pack, and use 24h Δ to tell a long-standing level from one that moved in the last 24 hours.

What follows the legend

Element	Follows the legend
Funding Rates Chart	yes
Funding Δ	yes
Price spread	yes
Volume and Open Interest	yes
PINNED and CUSTOM KPI cards	no
Current rates	no

This matters: the cards and the table describe the token as a whole, while the panels describe your selection. Comparing APR spread from the card with MEAN Δ · FUNDING from the panel is only valid when all exchanges are enabled in the legend.

Use cases

Choosing legs. Once a token looks interesting, the page shows all of its exchanges at once, not just the top pair Live Spreads ranked, and the Funding Δ panel evaluates any pair you isolate.

Spotting outliers. A single exchange sitting far from the pack is exactly where spreads come from. The Current rates table shows that gap as a number, and the chart shows it over time.

Rate behavior. The time series shows whether an exchange's rate is steady, cyclical or choppy, which a single current number can't tell you.

Liquidity check. Volume and Open Interest show what backs the gap you found before the pair goes in for a closer look.

What Pro changes on this page

Without Pro, you can view the 1d and 7d intervals, both UNITS modes, the chart, the Funding Δ panel, the Price spread, Volume and Open Interest panels on their short windows, the Current rates table and both rows of KPI cards.

Pro unlocks the 30d and 90d windows, both for the page and for every panel with its own switch, plus a custom range from the calendar. Without Pro, a saved window longer than 1d falls back to 7d.

Funding Rates and Live Spreads

Live Spreads precomputes the best pair for each token and ranks the whole market by it. Funding Rates shows the raw per-exchange picture for a single token and lets you examine any pair. Scan there; verify and pick your legs here.