Funding rate

Perpetual futures have no expiry; funding keeps their price close to the spot index. When funding is positive, longs pay shorts; when negative, shorts pay longs. Blockmetric shows it as an annualised rate so venues with different funding intervals compare.

In one sentence: Funding APR: the periodic payment between longs and shorts, annualised. Positive = longs pay shorts (crowd is long).

In one sentence: OI-weighted funding: the funding of every venue weighted by its open interest: what the average open position pays.

Formula

hourly rate = venue rate ÷ funding interval in hours
APR = hourly rate × 24 × 365
OI-weighted funding = Σ (APR of venue × open interest of venue) ÷ Σ open interest

• Hyperliquid funding is read every 30 seconds (hourly rate), Binance and Bybit every 60 seconds; annualised = hourly rate × 24 × 365.
• OI-weighted funding weights every venue’s rate by its open interest: what the average open position pays.

• Strongly positive funding means the crowd pays to stay long; strongly negative, to stay short.
• Funding extremes are often seen next to crowded positioning on the long/short ratio.

• Reading the APR as a yield someone earns. It is the current rate expressed per year; the next interval can pay a different rate.
• Comparing a raw 8-hour rate with a raw hourly rate. The pages convert every venue to APR first so they compare.

• GET /api/v1/funding
• GET /api/v1/markets

Every key uses the data of its plan; see the developer docs for parameters and examples. Developers · API docs

• Free: every coin, current values and 30 days of history.
• Pro and above: history up to 1095 days, CSV export.
• API: free developer key (10/min, 1,000/day, free-tier data, non-commercial) · API Dev and above (60/min, 50,000/day).

Pricing → · Historical data