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Ethereum funding rate and open interest
What leveraged Ethereum traders pay to hold their positions, and how many positions are open, on the three largest perpetual futures exchanges. ETH 2,469. Last updated 21 October 2026, 14:01 UTC.
Funding and open interest by exchange
| Exchange | Funding | Interval | A year | Next payment | Open interest, ETH | Value | Share |
|---|---|---|---|---|---|---|---|
| Binance | +0.0100 % | every 8 h | +11.0 % | 1h 58m | 2,317,209 | $5.72B | 63 % |
| Bybit | +0.0093 % | every 8 h | +10.2 % | 1h 58m | 782,413 | $1.93B | 21 % |
| OKX | +0.0067 % | every 8 h | +7.4 % | 1h 58m | 594,969 | $1.47B | 16 % |
USDT-margined ETH perpetual futures (ETHUSDT on Binance and Bybit, ETH-USDT-SWAP on OKX). "Funding" is the rate for the current period; "A year" multiplies it out over a year, which is how much a position would pay or earn if the rate stayed the same.
Open interest, last 30 days
Highest in the period: 4,040,889 ETH (7 Oct); lowest: 3,724,921 ETH (28 Sep). Now: 3,694,591 ETH.
Funding rate, last 30 days
78 of 90 funding periods were positive. Average: +0.0036 % per 8 hours (+3.9 % a year). Highest +0.0096 %, lowest -0.0091 %.
How funding works
A perpetual future has no expiry, so nothing forces its price back to the spot price. Funding does that job. When the perpetual trades above the index, funding turns positive and longs pay shorts, which makes being long more expensive. When it trades below, shorts pay longs. Most exchanges add a small interest component, so a calm market sits around +0.01 % per 8 hours. Payments go directly between traders; the exchange does not keep them.
Open interest is measured in ETH here, so it only changes when positions are opened or closed, not when the price moves. Large drops in open interest in a short time often come with liquidations; where the next ones could sit is estimated on the liquidation heatmap, which uses the same open interest.
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FAQ
What is the Ethereum funding rate?
Perpetual futures never expire, so exchanges use funding to keep their price close to the spot price. Every few hours (usually every 8) one side pays the other. When funding is positive, longs pay shorts; when it is negative, shorts pay longs. The rate is a percentage of the position size.
What does high funding mean?
That more traders want to be long with leverage than short, so longs pay to keep their positions. It describes how positioning is tilted right now. It does not tell you what price will do next.
What is open interest?
The number of futures contracts that are open: every long has a short on the other side, so it counts positions once. Here it is shown in ETH, so a change in price alone does not change it.
What does it mean when open interest rises?
New positions are being opened. Rising open interest with a rising price is usually read as new longs; with a falling price as new shorts. Falling open interest means positions are being closed or liquidated. These are common readings, not rules.
Which exchanges are included?
Binance, Bybit and OKX, the three largest venues for ETH perpetual futures, using their USDT-margined contracts. Coin-margined and USDC contracts and CME futures are not included, so the total is lower than an all-market number.
How often does this page update?
Every 5 minutes. Funding and open interest come straight from each exchange's public API. The 30-day charts use 4-hour steps.