Binance Funding Leaderboard 2023
Which Binance USDT-M perpetuals cost a constant 1x long the most in settled funding over 2023, and where shorts paid most: the simple sum of every actual settlement in the UTC calendar year, with its 8-hour average, how often funding was positive and how much of the year is stored.
43 of 58 Binance USDT perpetuals with stored settlements in 2023 cover at least 90% of its hours and are ranked. Most expensive to hold long: FIL, +11.579% of notional in settled funding (0.0106% per 8h on average). Shorts paid most on INJ: -11.760% for a 1x long, which longs received. Bitcoin (BTCUSDT): +7.893% over 2023.
Most expensive to hold long in 2023
longs paid shorts · top 25 by cumulative settled funding| # | Coin | Cumulative | Avg / 8h | Positive | Settlements | Coverage |
|---|---|---|---|---|---|---|
| 1 | FIL | +11.579% | 0.0106% | 92.3% | 1,095 | 100.0% |
| 2 | FET | +10.923% | 0.0104% | 91.9% | 1,050 | 95.9% |
| 3 | ZEC | +10.876% | 0.0099% | 91.0% | 1,095 | 100.0% |
| 4 | RSR | +10.838% | 0.0099% | 93.1% | 1,095 | 100.0% |
| 5 | MAGIC | +10.578% | 0.0103% | 88.8% | 1,028 | 93.9% |
| 6 | SHIB 1000SHIBUSDT | +10.325% | 0.0094% | 86.6% | 1,095 | 100.0% |
| 7 | ETC | +10.207% | 0.0093% | 90.3% | 1,095 | 100.0% |
| 8 | LINK | +10.185% | 0.0093% | 93.4% | 1,095 | 100.0% |
| 9 | ICP | +10.040% | 0.0092% | 90.9% | 1,095 | 100.0% |
| 10 | DASH | +10.029% | 0.0092% | 94.2% | 1,095 | 100.0% |
| 11 | DOGE | +10.009% | 0.0091% | 90.0% | 1,095 | 100.0% |
| 12 | UNI | +9.969% | 0.0091% | 92.1% | 1,095 | 100.0% |
| 13 | IOST | +9.961% | 0.0091% | 90.3% | 1,095 | 100.0% |
| 14 | BAT | +9.819% | 0.0090% | 91.5% | 1,095 | 100.0% |
| 15 | AAVE | +9.683% | 0.0088% | 93.8% | 1,095 | 100.0% |
| 16 | SAND | +9.362% | 0.0085% | 89.2% | 1,095 | 100.0% |
| 17 | LTC | +9.292% | 0.0085% | 91.8% | 1,095 | 100.0% |
| 18 | OP | +9.243% | 0.0084% | 81.6% | 1,095 | 100.0% |
| 19 | GTC | +9.053% | 0.0083% | 91.3% | 1,095 | 100.0% |
| 20 | ETH | +8.277% | 0.0076% | 90.9% | 1,095 | 100.0% |
| 21 | ALGO | +8.245% | 0.0075% | 87.1% | 1,095 | 100.0% |
| 22 | XRP | +8.210% | 0.0075% | 83.9% | 1,095 | 100.0% |
| 23 | BTC | +7.893% | 0.0072% | 89.9% | 1,095 | 100.0% |
| 24 | AVAX | +7.472% | 0.0068% | 81.9% | 1,095 | 100.0% |
| 25 | ADA | +7.200% | 0.0066% | 82.7% | 1,095 | 100.0% |
Where shorts paid most in 2023
shorts paid longs · top 25 by negative cumulative funding| # | Coin | Cumulative | Avg / 8h | Positive | Settlements | Coverage |
|---|---|---|---|---|---|---|
| 1 | INJ | -11.760% | -0.0107% | 47.5% | 1,095 | 100.0% |
| 2 | BCH | -8.976% | -0.0082% | 42.6% | 1,095 | 100.0% |
| 3 | OGN | -8.542% | -0.0078% | 88.1% | 1,095 | 100.0% |
| 4 | BNB | -8.460% | -0.0077% | 24.3% | 1,095 | 100.0% |
| 5 | TRX | -3.569% | -0.0033% | 54.9% | 1,095 | 100.0% |
| 21 | BTC baseline | +7.893% | 0.0072% | 89.9% | 1,095 | 100.0% |
| 24 | ETH baseline | +8.277% | 0.0076% | 90.9% | 1,095 | 100.0% |
Baseline: BTC and ETH are not in this table, so they are shown below it at their rank among the 43 ranked markets, counted from the lowest cumulative funding.
Coverage. 43 of 58 Binance USDT perpetuals with stored settlements in 2023 are ranked: their settlement intervals cover at least 90% of the year's hours. 15 markets are left out for lower coverage (listed during the year, or with missed settlements): BONK, PEPE, RATS, ARB, BEAMX, CAKE, CFX, JTO, NMR, PENDLE, PYTH, SEI, SUI, TIA, WLD. These are the perpetuals this site backfilled, the largest by open interest when the archive was filled; delisted contracts may be missing, so this is not a complete list of every contract that traded in 2023.
How it's counted. Each figure is a simple sum of Binance's own settled funding rates, as paid for each interval (1, 2, 4 or 8 hours), for every settlement in the UTC calendar year: what a constant 1x long paid as a share of its position, not compounded and with no leverage. A settlement belongs to the year whose start (exclusive) and end (inclusive) contain its settlement time; Binance stamps the nominal midnight payment a millisecond late, so the 1 January payment is counted in the year it opens. Positive: longs paid shorts. Negative: shorts paid longs. Avg / 8h divides the sum by the hours covered and multiplies by 8. Ties at the shown precision share a rank. These are funding cash flows, not trading returns: price changes and fees are not included.
Per coin. Month by month on Binance: Bitcoin, Ethereum and Solana funding by month.
2023 funding leaderboard FAQ
Which coins had the highest funding rates in 2023?
Among the Binance USDT perpetuals stored here, FIL cost a 1x long the most in 2023: +11.579% of position size in settled funding. The table ranks the top 25.
How is a year's funding calculated?
It is the simple sum of every settled Binance payment in the UTC calendar year, each at the rate the exchange actually paid for its interval (1, 2, 4 or 8 hours). Payments are added, not compounded, with no leverage. The 8h average divides that sum by the hours covered and multiplies by 8.
Why is a coin missing?
A perpetual is ranked only when its stored settlements cover at least 90% of the year's hours, so contracts listed late in the year are counted in the coverage note instead. The archive holds the perpetuals this site backfilled, the largest by open interest when it was filled, so contracts delisted before then may be missing.