M funding rate today: 2 exchanges
The M funding rate on USDT-margined perpetuals at Binance, Bybit: per funding interval, normalized to 8 hours and annualized, plus how much was paid over the past 7 and 30 days. Snapshot -, refreshed every minute.
Right now: the highest M rate is on Binance (+0.0100% per 8h), the lowest on Binance (+0.0100%). Longs pay. Combined 24h turnover across exchanges: $23.8M.
What the numbers say
- The rate is positive on all 2 exchanges: longs pay shorts, positioning leans long.
- Rates are within normal range: about 0.01% per 8 hours or less, no positioning imbalance.
- On Binance the imbalance is persistent: +0.24% paid over the past 7 days.
Rates by exchange
| Exchange | Rate per interval | Cap | Per 8h | Annualized | Next payment | Paid 7d | Paid 30d | 24h turnover |
|---|---|---|---|---|---|---|---|---|
| Binance | +0.0050% / 4h | ±2% | +0.0100% | +11.0% | - | +0.24% | +1.84% | $16M |
| Bybit | +0.0050% / 4h | ±2.5% | +0.0100% | +11.0% | - | +0.22% | +1.13% | $8M |
Positive: longs pay shorts. Negative: shorts pay longs. The cap is the maximum rate per interval on that exchange (intervals and caps by exchange). "-" in the paid columns means the coin has been listed for less than the period or its history is still being collected.
Who pays whom
Cost of holding a position
| Exchange | $1,000 long, 1 day | $1,000 short, 1 day | $10,000 long, 1 week (current rate) | $10,000 long, last week (actual) |
|---|---|---|---|---|
| Binance | -0.30 $ | +0.30 $ | -21.00 $ | -23.85 $ |
| Bybit | -0.30 $ | +0.30 $ | -21.00 $ | -21.86 $ |
Positive means you receive, negative means you pay. "Current rate" assumes the rate does not change; in practice it is recalculated every interval. "Actual" uses the real payments of the past 7 days. Trading fees are not included.
More on M
- Funding rate heatmap - M next to other coins.
- Open interest screener - whether positions in M are growing or shrinking.
- Liquidations - forced closes over the last 24 hours.
FAQ
What is the M funding rate now?
Binance: +0.0050% per 4h; Bybit: +0.0050% per 4h. The table above refreshes every minute.
Who pays M funding?
With a positive rate longs pay shorts; with a negative rate shorts pay longs. The money goes from one side of traders to the other, not to the exchange. The rate is positive on all 2 exchanges: longs pay shorts, positioning leans long.
Why are M funding rates different on each exchange?
Each exchange computes the rate with its own formula and charges it on its own schedule (every 1, 2, 4 or 8 hours). Only values normalized to the same period can be compared - the "per 8h" column.
Is extreme funding a signal to trade against? We tested it on 522 coins: shorting high funding won often but lost on average after squeezes.
The page shows exchange data and arithmetic on it. It is not a trading signal or investment advice.