PIPPIN funding rate by exchange
8h equivalent · hover a rate for the exact APR| Market | Funding 8h | APR | Who pays | Open interest | OI share | 24h volume | Price | Trade |
|---|---|---|---|---|---|---|---|---|
| Binance PIPPINUSDT | 0.0270% | 30% | Longs pay | $5.51M | 39.9% | $2.79M | 0.01902 | Trade |
| MEXC PIPPIN_USDT | 0.0264% | 29% | Longs pay | $2.29M | 16.6% | $537K | 0.01901 | Trade |
| Bybit PIPPINUSDT | 0.0709% | 78% | Longs pay | $1.87M | 13.5% | $830K | 0.01904 | Trade |
| KuCoin PIPPINUSDTM | 0.0402% | 44% | Longs pay | $1.66M | 12.0% | $2.90M | 0.01902 | Trade |
| Bitget PIPPINUSDT | 0.0788% | 86% | Longs pay | $1.58M | 11.5% | $311K | 0.01896 | Trade |
| Gate PIPPIN_USDT | 0.0770% | 84% | Longs pay | $864K | 6.3% | $79K | 0.01899 | Trade |
| HTX PIPPIN-USDT | 0.0100% | 11% | Longs pay | $34K | 0.2% | $11K | 0.01895 | Trade |
Sorted by open interest. Exchanges settle funding every 1, 4 or 8 hours; every rate here is converted to 8 hours. Trade links go to the exchange and may be referral links. Compare every coin on the funding rates page.
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About the PIPPIN funding rate
What is the PIPPIN funding rate?
PIPPIN perpetual futures never expire, so exchanges keep their price near spot with funding: a periodic payment between longs and shorts. When the perp trades above spot, the rate is positive and longs pay shorts; below spot it turns negative and shorts pay longs. The payment is a percentage of position size, charged every 1, 4 or 8 hours depending on the exchange.
How to read it
Binance and Bybit's default rate when the perp is in line with spot is 0.0100% per 8h (about 11% APR). Well above that means leveraged longs are paying up to hold PIPPIN; negative means shorts are crowded. The APR column shows what holding a position costs or earns over a year at today's rate. A wide spread between exchanges is what funding arbitrage traders look for.
Why do exchanges show different rates?
Each exchange computes funding from its own order book and premium, so the PIPPIN rate differs by venue, and intervals differ too. Volume Monitor converts every rate to an 8-hour equivalent and weights the headline figure by open interest. Rates update every few seconds from the exchanges' public feeds.