Cross-Exchange Funding Rates: Binance, Bybit, Hyperliquid, OKX
Funding rate and open interest for one coin across four exchanges at once, in a single row. Differing settlement intervals (1, 4, and 8 hours) are normalized before comparison, so the columns are truly comparable. Data is read directly in your browser and refreshed every 60 seconds. Describes market conditions, not financial advice.
| Binance | Bybit | |||||
|---|---|---|---|---|---|---|
Cross-exchange funding spreads mean…
A cross-exchange funding spread is a different cost or yield for what is essentially the same position. Holding one BTC perpetual contract on Binance and holding it on Hyperliquid gives similar price exposure, yet the funding payments can differ widely, in one place you pay, in another you receive, at exactly the same hour. The difference arises because each exchange's order book skew differs, not because one of them is wrong.
A carry strategy chases this spread: one side is opened on the exchange that pays, the opposite side on the exchange that charges, so price exposure cancels out and only the funding flow remains. This page shows where that spread is currently wide: as a picture of market conditions, not an invitation to take a position. A spread that looks wide on screen also may not survive trading fees, withdrawal fees, capital tied up as margin in two places, and the risk of one side being liquidated first.
Why funding intervals must be normalized
This is the trap that most often makes comparison tables wrong. On September 23, 2026, BTC funding on Hyperliquid was 0.00125% while on Binance it was 0.002125%. Read raw, Binance looks almost twice as expensive. The reality is the reverse: Hyperliquid charges every hour and Binance every eight hours, so over the same eight-hour span Hyperliquid charges 0.01% while Binance stays at 0.002125%, about five times as much, in the opposite direction of the first impression.
That's why every figure in this table is first converted to an 8-hour equivalent rate, then annualized exactly the same way as on CryptoHalley's funding rate page: times three settlements per day and times 365 days. The annualized value is a projection if the current rate held for a full year, which almost never happens; its purpose is to make the four columns comparable, not to forecast a year of costs.
How to read the table
- Exchange columns · annualized funding. Green means long holders pay, red means short holders pay. Hover to see the raw rate and the exchange's interval.
- Dash · the coin isn't listed on that exchange, or its source can't be read right now. Never filled with stale numbers instead.
- Max spread · the gap between the highest and lowest column in that row, with which exchange to which.
- Total OI · dollar open interest from the exchanges that could be read, with a per-exchange breakdown below. Not market-wide open interest: Binance isn't included because its endpoint requires one request per symbol.
- OI ≥ $10M filter · on by default, because the most extreme spreads almost always come from barely traded markets.
Related pages
- Crypto funding rates today · perpetual pairs available from 299 Binance coins, with a countdown to the next settlement.
- Crypto open interest today · the number of contracts still open, the natural companion to funding rate.
- Cross-exchange prices · spot price gaps for one coin across five exchanges, a complement to the table on this page.
FAQ
- Why does one coin's funding rate differ across exchanges?
- Funding rate is calculated from the gap between the perpetual contract price and the spot price on that exchange, plus an interest component set by each exchange. Because each exchange's order book holds different people with different positions, its skew differs too. Formulas, caps and floors, and settlement schedules aren't uniform either, so the same coin can show far-apart rates at the same hour.
- Why are figures shown annualized rather than as the raw rate?
- Because intervals differ. Hyperliquid settles funding every hour, while Binance, Bybit, and OKX settle every four or eight hours depending on the market. A rate of 0.0100% per hour and 0.0100% per eight hours look identical on screen, yet the first is charged eight times as often. CryptoHalley first converts each rate to an 8-hour equivalent, then annualizes it, so all columns share the same unit. The raw rate and its interval are still visible by hovering over the number.
- What does the max spread column mean?
- Max spread is the highest annualized value minus the lowest in that row, along with which exchange to which. It shows how far the cost of holding the same position differs between venues. Big spreads on coins with small open interest often come from thin markets, not from real differences in demand, which is why the minimum ten-million-dollar open interest filter is on by default.
- Where does the data come from, and is it complete?
- Binance, Bybit, and Hyperliquid funding come from Hyperliquid's predictedFundings endpoint, which carries all three at once; Bybit funding is refreshed again from Bybit's tickers endpoint. Dollar open interest comes from Bybit tickers, OKX open-interest, and Hyperliquid metaAndAssetCtxs. OKX's funding endpoint serves only one market per request, so the OKX funding column is deliberately limited to its largest markets and the rest show a dash. Binance open interest isn't shown because its endpoint requires one request per symbol. Everything is read directly by your browser from each exchange, with no intermediary server, and refreshed every 60 seconds.