Funding

Perpetuals have no expiry, so a periodic funding payment between longs and shorts keeps the contract price anchored to the oracle price. This page covers who pays whom, how much, and when.

How it works

• Funding settles on a fixed cycle (default every hour).
• The rate is published on-chain by the oracle and reflects how far the contract trades above or below its oracle price: trading above the oracle price → positive rate (longs pay), below → negative (shorts pay).
• The payment is proportional to your position's notional, valued at the mark price:

funding payment = position notional × funding rate
                = (size × mark price) × rate

• Isolated positions: funding adjusts the position's margin directly.
• Cross positions: funding adjusts your account equity.

Funding accrues per position since you opened (or last changed) it, and is booked when the settlement cycle is reached.

Worked example

You hold a long 0.1 BTC at a mark price of $64,000, and the funding rate for this interval is +0.01%.

Because the rate is positive and you're long, you pay $0.64 to the shorts this interval. If you were short, you'd receive it. Over a day at the same rate that's ~$15.36 — funding is small per interval but compounds, so it matters for held positions.

Where to read it

• The current rate and next funding time come from activeAssetCtx (funding, nextFundingTime, prevFundingTime) — available both as an Info API query and as a WebSocket channel.
• The funding field is expressed in percent: a value of 0.01 means 0.01%, i.e. a rate of 0.0001 in the formula above.
• A persistent positive rate means the market is paying you to be short (and vice versa) — some traders trade the funding itself.