Funding

The funding rate is what an exchange will move from one side of the market to the other at the next settlement. The table collects it by coin and exchange and sorts by the widest spread between venues.

Per settlement, not per year

Every rate in the table is the figure the exchange itself shows: what it will charge at the coming settlement. Not annualised, not eight-hourly by default — the one that will actually be charged.

Venues settle differently: usually every eight hours, sometimes every four or every hour. A cell on a different interval shows it beside the rate, and its tooltip carries the same rate normalised to eight hours, so two exchanges can be compared without doing it in your head.

Why the spread is the point

Sorting runs on the widest difference between exchanges for one coin. The spread is what the table is opened for: the same rate everywhere says nothing, while a divergence says positions are priced differently in different places.

Funding running hot into settlement is also its own kind of signal in the feed — you do not have to keep the table open to hear about it.

When an exchange is silent

An exchange that did not answer is named with its reason; one that answered with no rates is named separately; a pair that simply is not listed there is marked as not traded. Three different states, three different lines, and none of them collapses into a dash a reader would take for a zero.