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Negative Funding Rates Right Now

Every liquid perpetual future with negative funding right now on Binance, Bybit and Hyperliquid, most negative first. Negative funding means shorts pay longs; every rate is converted to an 8-hour equivalent and annualised (APR = 8h rate × 3 × 365).

50 liquid perps have negative funding right now, 19 of them at -0.1% per 8h or lower; the most negative is SAGA (Bybit SAGAUSDT) at -1.2630% per 8h (about -1383.0% APR), so shorts there are paying longs. The median across 870 liquid perps is 0.0100% per 8h, exactly at the usual 0.0100% baseline, and 86% of them have positive funding (longs pay shorts). The widest gap between exchanges on this list is SAGA: -1.2630% on Bybit vs -0.9257% on Hyperliquid, a 0.3373% per 8h difference.

870 liquid perpsFunding normalised to 8hLiquid: ≥ $1M 24h volume and ≥ $500K OIAs of 14:35 UTC

Extreme funding ≥ 0.1% / 8h
▲ 18 ▼ 19
liquid perps paying longs ▲ / shorts ▼
Median funding 8h
0.0100%
≈ 11.0% APRbaseline 0.0100%
Positive funding
86%
744 ▲ · 103 ▼ of 870liquid perps
Most negative right now
-1.2630% SAGA
≈ -1383.0% APRBybit SAGAUSDT

Negative funding rates right now

50 markets · ≥ $1M 24h volume · ≥ $500K OI
Coin Market Funding / 8h APR Other exchanges Gap Open interest Vol 24h Trade
1SAGA Bybit SAGAUSDT -1.2630% -1383.0% Binance -1.0779%HL -0.9257% -0.3373% $1.52M $12.42M Trade ↗
2SAGA Binance SAGAUSDT -1.0779% -1180.4% Bybit -1.2630%HL -0.9257% -0.1523% $9.89M $79.74M Trade ↗
3SAGA Hyperliquid SAGA -0.9257% -1013.6% Binance -1.0779%Bybit -1.2630% 0.1523% $1.18M $2.31M Trade ↗
4LSK Bybit LSKUSDT -0.8657% -947.9% Binance -0.7501% -0.1155% $3.15M $12.21M Trade ↗
5LSK Binance LSKUSDT -0.7501% -821.4% Bybit -0.8657% 0.1155% $15.01M $62.97M Trade ↗
6BLAST Bybit BLASTUSDT -0.4347% -476.0% only on Bybit — $597K $1.33M Trade ↗
7ONE Binance ONEUSDT -0.2916% -319.3% only on Binance — $9.91M $37.87M Trade ↗
82Z Binance 2ZUSDT -0.2679% -293.3% Bybit -0.1576%HL -0.0716% -0.1962% $6.51M $52.35M Trade ↗
9NCLD HIP-3 Hyperliquid xyz:NCLD -0.2610% -285.8% Bybit 0.0000% — $938K $1.08M Trade ↗
10PEAQ Bybit PEAQUSDT -0.2188% -239.6% only on Bybit — $690K $2.12M Trade ↗
11COTI Binance COTIUSDT -0.1907% -208.8% Bybit -0.1235% -0.0672% $8.27M $21.35M Trade ↗
12RARE Binance RAREUSDT -0.1788% -195.8% Bybit -0.0108% -0.1681% $6.16M $237.52M Trade ↗
132Z Bybit 2ZUSDT -0.1576% -172.6% Binance -0.2679%HL -0.0716% -0.0860% $1.72M $18.86M Trade ↗
14CVC Binance CVCUSDT -0.1502% -164.5% Bybit -0.0563% -0.0939% $2.89M $4.44M Trade ↗
15ESP Binance ESPUSDT -0.1407% -154.0% Bybit -0.0230% -0.1177% $2.75M $15.10M Trade ↗
16VTHO Binance VTHOUSDT -0.1378% -150.9% only on Binance — $4.35M $13.59M Trade ↗
17COW Binance COWUSDT -0.1315% -144.0% Bybit -0.1111% -0.0204% $2.54M $19.60M Trade ↗
18COTI Bybit COTIUSDT -0.1235% -135.2% Binance -0.1907% 0.0672% $1.28M $2.49M Trade ↗
19COW Bybit COWUSDT -0.1111% -121.7% Binance -0.1315% 0.0204% $723K $5.67M Trade ↗
20PLTR HIP-3 Hyperliquid xyz:PLTR -0.0888% -97.2% Bybit -0.0216% -0.0672% $14.17M $3.85M Trade ↗
21JASMY Bybit JASMYUSDT -0.0736% -80.6% Binance -0.0640% -0.0096% $2.40M $5.20M Trade ↗
22T Binance TUSDT -0.0718% -78.6% Bybit 0.0100% -0.0818% $2.57M $10.65M Trade ↗
232Z Hyperliquid 2Z -0.0716% -78.4% Binance -0.2679%Bybit -0.1576% 0.0860% $3.47M $3.18M Trade ↗
24STEEM Binance STEEMUSDT -0.0711% -77.8% Bybit -0.0488% -0.0223% $2.03M $5.65M Trade ↗
25INTC HIP-3 Hyperliquid xyz:INTC -0.0706% -77.3% Bybit 0.0000% -0.0706% $153.21M $9.85M Trade ↗
26SUN Binance SUNUSDT -0.0704% -77.1% Bybit -0.0820% 0.0115% $1.83M $1.15M Trade ↗
27TRX Hyperliquid TRX -0.0647% -70.9% Binance -0.0442%Bybit -0.0283% -0.0364% $13.20M $2.93M Trade ↗
28FLOCK Binance FLOCKUSDT -0.0641% -70.1% Bybit 0.0100% -0.0741% $4.13M $7.66M Trade ↗
29JASMY Binance JASMYUSDT -0.0640% -70.1% Bybit -0.0736% 0.0096% $4.25M $17.12M Trade ↗
30MAGIC Binance MAGICUSDT -0.0542% -59.3% Bybit -0.2394% — $2.93M $12.57M Trade ↗
31ORDI Bybit ORDIUSDT -0.0510% -55.8% Binance 0.0096%HL 0.0100% -0.0610% $2.00M $5.56M Trade ↗
32KMNO Binance KMNOUSDT -0.0508% -55.6% Bybit 0.0100% -0.0608% $4.33M $33.62M Trade ↗
33STEEM Bybit STEEMUSDT -0.0488% -53.4% Binance -0.0711% 0.0223% $611K $1.01M Trade ↗
34TRX Binance TRXUSDT -0.0442% -48.4% Bybit -0.0283%HL -0.0647% -0.0159% $105.24M $40.41M Trade ↗
35INJ Binance INJUSDT -0.0429% -47.0% Bybit 0.0100%HL 0.0100% -0.0529% $34.37M $63.09M Trade ↗
36G Binance GUSDT -0.0427% -46.8% only on Binance — $5.42M $6.00M Trade ↗
37WAXP Binance WAXPUSDT -0.0363% -39.7% Bybit 0.0100% — $1.39M $4.63M Trade ↗
38RUNE Bybit RUNEUSDT -0.0306% -33.5% Binance 0.0100%HL 0.0184% -0.0490% $2.33M $11.58M Trade ↗
39TRX Bybit TRXUSDT -0.0283% -31.0% Binance -0.0442%HL -0.0647% 0.0159% $25.74M $8.91M Trade ↗
40ORCL HIP-3 Hyperliquid xyz:ORCL -0.0282% -30.9% Bybit 0.0000% -0.0282% $24.15M $1.08M Trade ↗
41RKLB HIP-3 Hyperliquid xyz:RKLB -0.0277% -30.3% Bybit -0.0224% -0.0053% $10.51M $1.38M Trade ↗
42IN Binance INUSDT -0.0245% -26.9% Bybit -0.1085% — $2.42M $16.13M Trade ↗
43ZK Bybit ZKUSDT -0.0242% -26.5% Binance 0.0100%HL 0.0100% -0.0342% $2.72M $1.47M Trade ↗
44META Bybit METAUSDT -0.0236% -25.9% HL -0.0173% -0.0064% $3.78M $2.24M Trade ↗
45AMD HIP-3 Hyperliquid xyz:AMD -0.0231% -25.3% only on Hyperliquid — $16.80M $8.02M Trade ↗
46ESP Bybit ESPUSDT -0.0230% -25.2% Binance -0.1407% 0.1177% $574K $2.63M Trade ↗
47CRWV HIP-3 Hyperliquid xyz:CRWV -0.0210% -23.0% Bybit 0.0000% -0.0210% $8.11M $1.25M Trade ↗
48HOOD HIP-3 Hyperliquid xyz:HOOD -0.0206% -22.5% Bybit 0.0000% -0.0206% $41.18M $1.44M Trade ↗
49ZIL Binance ZILUSDT -0.0200% -21.9% Bybit -0.0193% -0.0007% $3.94M $2.66M Trade ↗
50CL HIP-3 Hyperliquid xyz:CL -0.0194% -21.3% Bybit 0.0000% -0.0194% $140.13M $29.88M Trade ↗

Where exchanges disagree

Full funding arbitrage scanner →

Coins from the list above whose most negative market sits far below the same coin elsewhere: shorts are crowded on one exchange, not everywhere. Both legs, fees and liquidity are on the funding arbitrage page.

Coin Most negative market Highest other Gap / 8h Gap APR
SAGA Bybit -1.2630% HL -0.9257% 0.3373% 369.4%
2Z Binance -0.2679% HL -0.0716% 0.1962% 214.9%
RARE Binance -0.1788% Bybit -0.0108% 0.1681% 184.0%
ESP Binance -0.1407% Bybit -0.0230% 0.1177% 128.8%
LSK Bybit -0.8657% Binance -0.7501% 0.1155% 126.5%
CVC Binance -0.1502% Bybit -0.0563% 0.0939% 102.8%
T Binance -0.0718% Bybit 0.0100% 0.0818% 89.5%
FLOCK Binance -0.0641% Bybit 0.0100% 0.0741% 81.1%
INTC HL -0.0706% Bybit 0.0000% 0.0706% 77.3%
COTI Binance -0.1907% Bybit -0.1235% 0.0672% 73.6%

How to read it. Each row is one perpetual market; the same coin can appear once per exchange. Funding is shown per 8 hours for every exchange (Hyperliquid's hourly rate × 8, 4-hourly rates × 2). Positive = longs pay shorts, negative = shorts pay longs. Green is above the usual 0.01% / 8h baseline, red is negative, bold is extreme (≥ 0.1% / 8h). Gap compares the market with the highest other market of the same coin that has at least $500K open interest. See also highest funding rates.

Negative funding FAQ

What does negative funding mean?

Negative funding means traders who are short pay those who are long, every funding interval, as a percentage of position size. It shows shorts are crowded, often after a sell-off or on a coin that is heavily hedged or borrowed. Very negative funding can precede a short squeeze, but it can also persist for days while price keeps falling.

Which coin has the most negative funding rate right now?

Among perps with at least $1M 24h volume and $500K open interest, SAGA on Bybit (SAGAUSDT) has the most negative rate: -1.2630% per 8 hours, about -1383.0% a year if it held. See the SAGA funding rate page for every exchange side by side.

How do I compare hourly and 8-hour funding?

Hyperliquid pays funding every hour; Binance and Bybit pay every 8 hours on most perps and every 4 or 1 hours on some. Every rate on this page is converted to its 8-hour equivalent (hourly × 8, 4-hourly × 2) so they compare directly. APR is the 8-hour rate × 3 × 365, without compounding. For Hyperliquid's native hourly numbers see Hyperliquid funding rates.

Is funding rate arbitrage risk-free?

No. Going long where funding is lower and short where it is higher collects the difference only while the rates stay apart. Funding changes every interval and can flip, fees and slippage come off the edge, the two prices can drift, each leg can be liquidated on its own and you carry risk on both exchanges. The funding arbitrage scanner lists both legs with their liquidity.

Which markets are included?

Every perpetual on Binance, Bybit and Hyperliquid (including HIP-3 stock and commodity perps) with at least $1M of 24h volume and $500K of open interest. Each market is listed on its own, so the same coin can appear once per exchange. Nothing here is financial advice.