What does it cost to stay long?
Explore settled funding payments on the covered BTC perpetual contract. Compare the cost of holding exposure with price and open interest, while keeping the exchange and interval visible.
How this is measured ↓Loading the interactive view and its source dates…
Why perpetual futures use funding
A perpetual contract has no ordinary expiry date. Funding transfers between long and short holders help keep its traded price close to the reference market. The direction and size of those transfers can reveal how expensive exposure is on a particular venue.
Each plotted settled observation belongs to a specified contract and settlement time. A current estimated rate can change before settlement; it must not be read as a payment already made.
Read the rate together with its interval
A rate without its payment interval is incomplete. A 0.01% rate per settlement is not automatically a 0.01% daily rate. A simple illustration: on $10,000 of notional exposure, a 0.01% settled rate corresponds to $1 for that settlement, before any exchange-specific details.
Comparisons across exchanges require aligned contracts, timestamps and funding intervals. This view labels its single-venue scope and does not imply a volume-weighted rate for the entire Bitcoin derivatives market.
Funding and open interest answer different questions
Funding describes the periodic price of holding perpetual exposure. Open interest ↗ measures outstanding contracts. A high funding rate with little outstanding exposure differs from the same rate in a much larger market. Neither reveals the liquidation price of every trader.
Positive funding does not prove that Bitcoin is about to fall. Rates can remain positive through an extended trend. Compare a range of episodes and keep the sample period visible when sharing a result.
Source and observation policy
Hyperliquid: public market information ↗ describes the source for the BTC perpetual contract. The historical chart sums actual settled funding rates for each UTC day and displays settlement coverage. The next-hour estimate is separate. The history available from this venue begins in 2023; it is not an all-exchange Bitcoin average. Shared refreshes retain dated valid observations if the source fails.