What it is
Because a perpetual future never expires, exchanges need a mechanism to keep its price anchored to the real (spot) price of the asset. That mechanism is the funding rate — a periodic payment exchanged directly between traders holding long positions and traders holding short positions.
If the funding rate is positive, longs pay shorts (incentivizes selling, reduces perp price).
If the funding rate is negative, shorts pay longs (incentivizes buying, raises perp price).
You'll see funding shown as positive on your position if you're the one receiving it, and negative if you're the one paying it.
How often it applies
Funding is settled once per hour. At each settlement, the current funding rate is applied to your position's notional value (its full size, not just your collateral), and the payment is credited or debited directly to your position's equity — no action needed from you.
This means your position's value and unrealized PnL can change slightly even if the market price hasn't moved and you haven't touched anything.
Where to see it
The market stats block (main perps page, single perp page, Web Trade tab) shows the current 1-hour funding rate with a countdown to the next settlement.
On an open position, tap the Funding row for a projection:
Row | What it shows |
Current | Payment at the live rate, for the time remaining until the next hourly settlement |
Next 24h | Live rate × 24 |
APR | Live rate × 24 × 365 |
Note: These projections are based on the current rate, which can change at every settlement — they're not a guarantee of what you'll actually pay or receive going forward. A history of past funding payments isn't shown separately; its effect is already reflected in your position's value, and in the realized PnL when you eventually close.