Perpetual Funding Rate Calculator

What funding is

Perpetual futures, or perps, have no expiry date, so exchanges use a funding rate to keep their price close to the spot price. At each funding time, traders on one side pay traders on the other: when the rate is positive, longs pay shorts, which usually happens when the perp trades above spot; when it is negative, shorts pay longs. The exchange does not keep the payment; it passes between traders. Funding is small per interval but adds up for positions held for weeks, especially with leverage, because it is charged on the full position value, not on your margin.

Formula used

• Number of payments = holding days × 24 ÷ interval hours (whole intervals only)
• Each payment = position notional × funding rate
• Total = each payment × number of payments; a long pays it when the rate is positive and receives it when negative, and a short the reverse
• Annualised rate (simple) = rate × payments per day × 365

Example: a 10,000 long with a 0.01% rate every 8 hours pays 1 per interval, three times a day. Over 30 days that is 90 payments, or 90 in total, 0.9% of the position. The simple annualised rate is 10.95%. With 10x leverage the margin behind that position would be 1,000, so the same funding is 9% of the margin.

Assumptions and limits

• Real funding rates change every interval and can flip between positive and negative; the result assumes the current rate stays the same.
• Intervals differ by venue: many centralised exchanges use 8 hours, some contracts use 4 hours or 1 hour, and on-chain perp DEXs such as Hyperliquid settle hourly. Some venues cap the rate.
• The position value moves with the price, so the actual payment changes too; trading fees are not included.

Related tools: liquidation price calculator and the paper trading simulator. To compare perp venues, read Which DEX is really decentralized? and our Hyperliquid review.