Coinbase Spot / Perp Funding Split
Hours when the recorded Coinbase spot premium and the Binance perpetual funding quote point in opposite directions.
Selected: Coinbase BTC-USD vs Binance BTCUSDT spot, against funding on binance:perp:BTCUSDT. Historical interval: 48 completed UTC hours, candle opens → UTC; the newest hour closed at UTC, at least ten minutes before this page was computed.
48 / 48 matched hours · 40 sign splits (Coinbase premium / negative funding: 0; Coinbase discount / positive funding: 40) · 48 stored premium hours.
Newest window hour ( UTC, funding bucket ): Coinbase discount / positive funding · premium -0.138%, funding 0.0095% per 8h.
BTC hourly premium and hour-end funding, latest first
Premium in percent of the Binance close. Funding as the recorded 8h-equivalent decimal (8 decimals) and in percent per 8h. Scroll the table horizontally to see all columns.
| Spot hour UTC | Coinbase close (USD) | Binance close (USDT) | Premium | Funding bucket UTC (H+55m) | Raw quote | Funding / 8h | Split / missing |
|---|---|---|---|---|---|---|---|
| –13:00 | 79,947.6 | 80,058 | -0.138% | 0.00009541 | 0.0095% | Coinbase discount / positive funding | |
| –12:00 | 80,057.4 | 80,170 | -0.140% | 0.00008949 | 0.0089% | Coinbase discount / positive funding | |
| –11:00 | 80,185.6 | 80,285 | -0.124% | 0.00007669 | 0.0077% | Coinbase discount / positive funding | |
| –10:00 | 80,092 | 80,207.4 | -0.144% | 0.00006418 | 0.0064% | Coinbase discount / positive funding | |
| –09:00 | 79,954.4 | 80,070 | -0.144% | 0.00005828 | 0.0058% | Coinbase discount / positive funding | |
| –08:00 | 79,737.3 | 79,861.9 | -0.156% | 0.00005318 | 0.0053% | Coinbase discount / positive funding | |
| –07:00 | 79,849.4 | 79,968.9 | -0.149% | 0.00004736 | 0.0047% | No sign split / below filters | |
| –06:00 | 80,115.8 | 80,234.1 | -0.148% | 0.00002660 | 0.0027% | No sign split / below filters | |
| –05:00 | 80,138.7 | 80,256.2 | -0.146% | 0.00000957 | 0.0010% | No sign split / below filters | |
| –04:00 | 79,739.1 | 79,858 | -0.149% | 0.00000778 | 0.0008% | No sign split / below filters | |
| –03:00 | 79,852.9 | 79,964 | -0.139% | 0.00001607 | 0.0016% | No sign split / below filters | |
| –02:00 | 79,905 | 80,019.6 | -0.143% | 0.00003545 | 0.0035% | No sign split / below filters | |
| –01:00 | 81,000 | 81,106.1 | -0.131% | 0.00005012 | 0.0050% | Coinbase discount / positive funding | |
| –00:00 | 81,249.3 | 81,343.5 | -0.116% | 0.00006284 | 0.0063% | Coinbase discount / positive funding | |
| –23:00 | 81,183.5 | 81,276 | -0.114% | 0.00007872 | 0.0079% | Coinbase discount / positive funding | |
| –22:00 | 81,266.6 | 81,370 | -0.127% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –21:00 | 81,261.3 | 81,329.7 | -0.084% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –20:00 | 81,502.1 | 81,585.4 | -0.102% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –19:00 | 80,931.8 | 81,011.7 | -0.099% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –18:00 | 80,763.4 | 80,860 | -0.120% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –17:00 | 80,494.1 | 80,626 | -0.164% | 0.00009534 | 0.0095% | Coinbase discount / positive funding | |
| –16:00 | 80,434.8 | 80,553.1 | -0.147% | 0.00007937 | 0.0079% | Coinbase discount / positive funding | |
| –15:00 | 80,479.3 | 80,599.3 | -0.149% | 0.00006596 | 0.0066% | Coinbase discount / positive funding | |
| –14:00 | 80,603.3 | 80,740 | -0.169% | 0.00004933 | 0.0049% | No sign split / below filters | |
| –13:00 | 80,608.5 | 80,749.8 | -0.175% | 0.00005876 | 0.0059% | Coinbase discount / positive funding | |
| –12:00 | 81,215.3 | 81,342 | -0.156% | 0.00007674 | 0.0077% | Coinbase discount / positive funding | |
| –11:00 | 81,372.4 | 81,500 | -0.157% | 0.00008794 | 0.0088% | Coinbase discount / positive funding | |
| –10:00 | 81,435.6 | 81,550 | -0.140% | 0.00009720 | 0.0097% | Coinbase discount / positive funding | |
| –09:00 | 81,360.8 | 81,479 | -0.145% | 0.00009810 | 0.0098% | Coinbase discount / positive funding | |
| –08:00 | 80,969.4 | 81,082 | -0.139% | 0.00007538 | 0.0075% | Coinbase discount / positive funding | |
| –07:00 | 80,754.5 | 80,867.6 | -0.140% | 0.00006277 | 0.0063% | Coinbase discount / positive funding | |
| –06:00 | 80,781.1 | 80,900.6 | -0.148% | 0.00005719 | 0.0057% | Coinbase discount / positive funding | |
| –05:00 | 80,873.6 | 80,994 | -0.149% | 0.00005498 | 0.0055% | Coinbase discount / positive funding | |
| –04:00 | 81,038.1 | 81,145.1 | -0.132% | 0.00005283 | 0.0053% | Coinbase discount / positive funding | |
| –03:00 | 80,817.5 | 80,950.6 | -0.164% | 0.00005027 | 0.0050% | Coinbase discount / positive funding | |
| –02:00 | 80,826.4 | 80,952 | -0.155% | 0.00005078 | 0.0051% | Coinbase discount / positive funding | |
| –01:00 | 80,633.9 | 80,747.1 | -0.140% | 0.00004871 | 0.0049% | No sign split / below filters | |
| –00:00 | 80,799.5 | 80,909.8 | -0.136% | 0.00005943 | 0.0059% | Coinbase discount / positive funding | |
| –23:00 | 80,792.4 | 80,905.8 | -0.140% | 0.00006951 | 0.0070% | Coinbase discount / positive funding | |
| –22:00 | 80,782.5 | 80,913.4 | -0.162% | 0.00007353 | 0.0074% | Coinbase discount / positive funding | |
| –21:00 | 80,671 | 80,797.1 | -0.156% | 0.00008560 | 0.0086% | Coinbase discount / positive funding | |
| –20:00 | 80,706.8 | 80,817.8 | -0.137% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –19:00 | 80,509.3 | 80,624 | -0.142% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –18:00 | 80,393.8 | 80,507.7 | -0.142% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –17:00 | 80,540.8 | 80,662 | -0.150% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –16:00 | 80,434.2 | 80,562.3 | -0.159% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –15:00 | 80,223 | 80,356.2 | -0.166% | 0.00010000 | 0.0100% | Coinbase discount / positive funding | |
| –14:00 | 79,901.4 | 80,045 | -0.179% | 0.00010000 | 0.0100% | Coinbase discount / positive funding |
Filters. Coinbase premium / negative funding: premium ≥ +0.02% and funding ≤ −0.005% per 8h (stored decimal ≤ −0.00005). Coinbase discount / positive funding: premium ≤ −0.02% and funding ≥ +0.005% per 8h (stored decimal ≥ +0.00005). Every other valid hour, including zero funding, reads No sign split / below filters. All 48 rows stay listed, latest first, including missing hours.
Alignment. Row H is the stored candle that opens at H: both spot prices are that hour’s closing prices, at H+60m. Premium = 100 × (Coinbase close ÷ Binance close − 1). Funding comes from exactly one recorded snapshot, the five-minute bucket starting at H+55m (the hour’s final bucket) on the exact Binance BTCUSDT perpetual: a recorded hour-end quote, not a settlement or a payment. A missing, null or invalid quote leaves that hour unavailable; no earlier or later bucket fills it. Funding timestamps identify recorded engine snapshot buckets, not necessarily the exchange’s original publication time, so this compares recorded snapshots and does not assert synchronization within a bucket.
Method limits. As on the Coinbase premium page, there is no USD/USDT adjustment: Coinbase quotes US dollars and Binance quotes USDT, so a USDT move off its peg is part of the premium. Exchange microstructure and stablecoin differences can explain the premium. This comparison does not measure ETF or institutional flows, identify a cause, forecast direction or describe an arbitrage return. Negative funding means shorts are quoted to pay longs; positive means longs pay shorts.
Sources. Stored hourly closes from coinbase_premium_1h (premium history JSON) and five-minute funding snapshots from market_5m (Binance funding history), both from exchange public APIs. This page reads the database only: no live ticker or exchange request. Successful reads are cached for 120 seconds, failed reads for 30 seconds.