What is a funding rate?
Perpetual futures have no expiry date, so exchanges use a funding payment every 8 hours to keep their price close to the spot price. When funding is positive, traders who are long pay those who are short; when it is negative, shorts pay longs.
Why it matters
Persistently high positive funding means many traders are using leverage to bet on higher prices — a crowded trade that can unwind violently. Deeply negative funding often appears after panic selling. The table lists every pair with more than $50M daily volume; click a column to sort.