T funding rate today: 2 exchanges
The T 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 T rate is on Binance (-2.8580% per 8h), the lowest on Bybit (-4.0000%). Shorts pay. Combined 24h turnover across exchanges: $105.3M.
What the numbers say
- The rate is negative on all 2 exchanges: shorts pay longs, positioning leans short.
- The standout rate is on Bybit: -4.0000% per 8 hours, 400x the usual 0.01%. Rates like this usually come with sharp price moves and rarely last.
- Widest spread: short on Binance, long on Bybit - 1.1420% per 8 hours. It would cover the fees for opening and closing both legs in 1 hours if rates stay the same.
- On Bybit the current rate looks like a spike: -0.16% was paid over the past 7 days, versus -84.00% at today's rate.
Rates by exchange
| Exchange | Rate per interval | Cap | Per 8h | Annualized | Next payment | Paid 7d | Paid 30d | 24h turnover |
|---|---|---|---|---|---|---|---|---|
| Binance | -1.4290% / 4h | ±2% | -2.8580% | -3129.6% | - | -0.23% | -0.62% | $87M |
| Bybit | -2.0000% / 4h | ±2% at cap | -4.0000% | -4380.0% | - | -0.16% | -0.48% | $18M |
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 | +85.74 $ | -85.74 $ | +6001.88 $ | +23.27 $ |
| Bybit | +120.00 $ | -120.00 $ | +8400.00 $ | +15.71 $ |
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.
T arbitrage pair
- Short on Binance, long on Bybit: a spread of 1.1420% per 8 hours, 1250.4% annualized.
- Covers the fees for opening and closing both legs in 1 hours if rates stay the same.
- Over the past 7 days this pair would have earned -0.08% of notional before fees, over 30 days -0.14%.
- All pairs and how to read them are in the funding arbitrage table, risks included.
More on T
- Funding rate heatmap - T next to other coins.
- Open interest screener - whether positions in T are growing or shrinking.
- Liquidations - forced closes over the last 24 hours.
FAQ
What is the T funding rate now?
Binance: -1.4290% per 4h; Bybit: -2.0000% per 4h. The table above refreshes every minute.
Who pays T 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 negative on all 2 exchanges: shorts pay longs, positioning leans short.
Why are T 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.