Methodology
How the funding rates on this site are annualised, why comparing the quoted rates side by side is wrong whoever publishes them, and what is deliberately absent.
Why quoted funding rates cannot be compared
A perpetual swap has no expiry, so it is tethered to spot by a periodic payment between longs and shorts called funding. Each venue quotes that payment per settlement interval — and the intervals differ. Hyperliquid settles hourly; Binance and Bybit settle every 4 or 8 hours, depending on the contract.
Placing those quoted numbers side by side, which is what essentially every funding comparison does, makes the venue with the shorter interval look cheaper by exactly the ratio of the intervals. It is not a rounding difference or a matter of preference; the comparison is arithmetically wrong.
The normalisation
Funding rates are annualised before this site compares them:
APR = quoted rate × (8760 ÷ interval hours)
Simple annualisation, no compounding — funding is paid out rather than reinvested, and compounding it would assume a reinvestment policy the trader may not follow. The quoted rate and its interval are printed beside the APR in the worked example below, the funding-cost and funding-arbitrage calculators, the funding table, and the per-venue table on each contract's page (BTC's, for one). In the worked example and the calculators the pair stays as the page drew it, so the conversion can be checked there. The funding table and the per-venue table on each contract's page update their APRs from a one-minute feed as soon as they open, but not the quoted rates beside them, so there the pair can disagree once the rate has moved. Many APRs carry no quoted rate at all: those on the home page, the watchlist and the coin pages, and in the headline and the price-bar table of each contract's page, among others.
Worked example, live right now
Current ETH funding, as quoted and as annualised:
| Venue | Quoted rate, per settlement | Interval | Settlements / yr | APR |
|---|---|---|---|---|
| Hyperliquid | 0.0000125 | 1h | 8,760 | 10.95% |
| Binance | 0.0000483 | 8h | 1,095 | 5.29% |
| Bybit | 0.0000463 | 8h | 1,095 | 5.07% |
Read the quoted column and then the APR column. The ordering of the venues by apparent cost is frequently different between the two, which is the entire point.
Coverage, and why it is capped
A contract gets a page when its perpetual holds $5.00M of open interest and ranks among the largest 50 by open interest. Once published it keeps the page while its open interest stays above $3.50M, even if larger contracts outrank it — up to 5 pages beyond the 50. 76 of the 178 perpetuals the venue lists clear the $5.00M floor today and 55 have pages — 21 clear the floor but rank below the largest 50 and have no page yet; 5 keep their pages although outranked. A coin that has not cleared the floor is not published at all rather than published with sparse or misleading figures — a page that exists only to exist is worse than no page.
What is not here
No liquidation totals. Exchange liquidation feeds are throttled, and a total built on one would be understated by an unknown factor — see why we do not publish liquidation totals.
No market capitalisations or supply figures. Those would require data whose licence terms do not permit publication, so they are absent rather than sourced quietly. Everything displayed comes from the sources listed here.