Negative Funding Rates Right Now
Every liquid perpetual future with negative funding right now on Binance, Bybit and Hyperliquid, most negative first. Negative funding means shorts pay longs; every rate is converted to an 8-hour equivalent and annualised (APR = 8h rate × 3 × 365).
50 liquid perps have negative funding right now, 52 of them at -0.1% per 8h or lower; the most negative is PRL (Bybit PRLUSDT) at -1.1838% per 8h (about -1296.2% APR), so shorts there are paying longs. The median across 1248 liquid perps is 0.0091% per 8h, below the usual 0.0100% baseline, and 70% of them have positive funding (longs pay shorts). The widest gap between exchanges on this list is INIT: -0.7528% on Bybit vs -0.0525% on Hyperliquid, a 0.7002% per 8h difference.
Negative funding rates right now
50 markets · ≥ $1M 24h volume · ≥ $500K OI| Coin | Market | Funding / 8h | APR | Other exchanges | Gap | Open interest | Vol 24h | Trade |
|---|---|---|---|---|---|---|---|---|
| 1PRL | Bybit PRLUSDT | -1.1838% | -1296.2% | Aster -0.8773%Binance -0.8795%Bitget -0.6740%Gate -0.6980%KuCoin -0.7476%MEXC -0.8802% | -0.4362% | $590K | $7.63M | Trade |
| 2BTW | Bybit BTWUSDT | -0.9281% | -1016.3% | Aster -0.7740%Binance -0.4781%Bitget -0.3082%Gate -0.5890%HTX -0.4275%KuCoin -0.5154%MEXC -0.4706% | -0.6199% | $2.75M | $18.05M | Trade |
| 3PRL | Binance PRLUSDT | -0.8795% | -963.1% | Aster -0.8773%Bitget -0.6740%Bybit -1.1838%Gate -0.6980%KuCoin -0.7476%MEXC -0.8802% | -0.1319% | $2.01M | $24.30M | Trade |
| 4BTW | Aster BTWUSDT | -0.7740% | -847.6% | Binance -0.4781%Bitget -0.3082%Bybit -0.9281%Gate -0.5890%HTX -0.4275%KuCoin -0.5154%MEXC -0.4706% | -0.4658% | $3.10M | $5.12M | Trade |
| 5INIT | Bybit INITUSDT | -0.7528% | -824.3% | Aster -0.2935%Binance -0.4784%Bitget -0.4168%Gate -0.1752%HTX -0.0433%HL -0.0525%KuCoin -0.1576%MEXC -0.4776% | -0.7002% | $2.81M | $74.70M | Trade |
| 6PRL | KuCoin PRLUSDTM | -0.7476% | -818.6% | Aster -0.8773%Binance -0.8795%Bitget -0.6740%Bybit -1.1838%Gate -0.6980%MEXC -0.8802% | 0.1319% | $1.42M | $3.05M | Trade |
| 7WAVES | Bybit WAVESUSDT | -0.7350% | -804.8% | KuCoin -0.6014% | — | $725K | $2.18M | Trade |
| 8BTW | Gate BTW_USDT | -0.5890% | -645.0% | Aster -0.7740%Binance -0.4781%Bitget -0.3082%Bybit -0.9281%HTX -0.4275%KuCoin -0.5154%MEXC -0.4706% | -0.2808% | $11.08M | $11.35M | Trade |
| 9ONE | MEXC ONE_USDT | -0.5740% | -628.5% | Aster -0.4328%Binance -0.5729%Bitget -0.5448%Gate -0.3581%KuCoin -0.4420% | -0.1412% | $4.74M | $6.82M | Trade |
| 10ONE | Binance ONEUSDT | -0.5729% | -627.3% | Aster -0.4328%Bitget -0.5448%Gate -0.3581%KuCoin -0.4420%MEXC -0.5740% | -0.1401% | $7.08M | $98.09M | Trade |
| 11ONE | Bitget ONEUSDT | -0.5448% | -596.6% | Aster -0.4328%Binance -0.5729%Gate -0.3581%KuCoin -0.4420%MEXC -0.5740% | -0.1120% | $523K | $9.36M | Trade |
| 12UNITREE HIP-3 | Hyperliquid para:UNITREE | -0.5437% | -595.3% | Bybit -0.0709%HTX -0.1987% | -0.4728% | $707K | $1.74M | Trade |
| 13BTW | KuCoin BTWUSDTM | -0.5154% | -564.4% | Aster -0.7740%Binance -0.4781%Bitget -0.3082%Bybit -0.9281%Gate -0.5890%HTX -0.4275%MEXC -0.4706% | -0.2072% | $4.29M | $4.70M | Trade |
| 14INIT | Binance INITUSDT | -0.4784% | -523.8% | Aster -0.2935%Bitget -0.4168%Bybit -0.7528%Gate -0.1752%HTX -0.0433%HL -0.0525%KuCoin -0.1576%MEXC -0.4776% | -0.4258% | $9.74M | $336.97M | Trade |
| 15BTW | Binance BTWUSDT | -0.4781% | -523.5% | Aster -0.7740%Bitget -0.3082%Bybit -0.9281%Gate -0.5890%HTX -0.4275%KuCoin -0.5154%MEXC -0.4706% | -0.1699% | $16.51M | $63.62M | Trade |
| 16INIT | MEXC INIT_USDT | -0.4776% | -523.0% | Aster -0.2935%Binance -0.4784%Bitget -0.4168%Bybit -0.7528%Gate -0.1752%HTX -0.0433%HL -0.0525%KuCoin -0.1576% | -0.4251% | $5.94M | $9.70M | Trade |
| 17BTW | MEXC BTW_USDT | -0.4706% | -515.3% | Aster -0.7740%Binance -0.4781%Bitget -0.3082%Bybit -0.9281%Gate -0.5890%HTX -0.4275%KuCoin -0.5154% | -0.1624% | $1.98M | $4.45M | Trade |
| 18ONE | KuCoin ONEUSDTM | -0.4420% | -484.0% | Aster -0.4328%Binance -0.5729%Bitget -0.5448%Gate -0.3581%MEXC -0.5740% | -0.0092% | $1.95M | $1.90M | Trade |
| 19INIT | Bitget INITUSDT | -0.4168% | -456.4% | Aster -0.2935%Binance -0.4784%Bybit -0.7528%Gate -0.1752%HTX -0.0433%HL -0.0525%KuCoin -0.1576%MEXC -0.4776% | -0.3643% | $768K | $33.10M | Trade |
| 20CYBER | Binance CYBERUSDT | -0.3965% | -434.1% | Aster -0.3036%Bitget -0.2996%Bybit -0.3209%Gate -0.3370%KuCoin -0.3016%MEXC -0.3988% | -0.0949% | $4.38M | $14.34M | Trade |
| 21XCN | Bybit XCNUSDT | -0.3942% | -431.6% | Gate -0.1196% | — | $825K | $4.73M | Trade |
| 22IDOL | KuCoin IDOLUSDTM | -0.3624% | -396.8% | Aster 0.0625%Binance 0.0271%Bitget 0.0100%Gate 0.0100%MEXC 0.0270% | -0.4249% | $5.03M | $7.83M | Trade |
| 23ERA | Gate ERA_USDT | -0.3542% | -387.8% | Aster -0.2293%Binance -0.2643%Bitget -0.2980%Bybit -0.3481%KuCoin -0.2598%MEXC -0.2646% | -0.0944% | $707K | $6.41M | Trade |
| 24ERA | Bybit ERAUSDT | -0.3481% | -381.2% | Aster -0.2293%Binance -0.2643%Bitget -0.2980%Gate -0.3542%KuCoin -0.2598%MEXC -0.2646% | -0.0883% | $2.51M | $21.03M | Trade |
| 25SXT | Binance SXTUSDT | -0.3468% | -379.7% | Aster -0.3015%Bitget -0.2578%Bybit -0.0775%KuCoin -0.3598%MEXC -0.3556% | — | $2.28M | $12.95M | Trade |
| 26SKHX HIP-3 | Hyperliquid xyz:SKHX | -0.3457% | -378.6% | only on Hyperliquid | — | $145.77M | $397.91M | Trade |
| 27CYBER | Bybit CYBERUSDT | -0.3209% | -351.4% | Aster -0.3036%Binance -0.3965%Bitget -0.2996%Gate -0.3370%KuCoin -0.3016%MEXC -0.3988% | -0.0193% | $1.34M | $2.98M | Trade |
| 28BTW | Bitget BTWUSDT | -0.3082% | -337.5% | Aster -0.7740%Binance -0.4781%Bybit -0.9281%Gate -0.5890%HTX -0.4275%KuCoin -0.5154%MEXC -0.4706% | 0.1624% | $14.03M | $7.07M | Trade |
| 29ERA | Bitget ERAUSDT | -0.2980% | -326.3% | Aster -0.2293%Binance -0.2643%Bybit -0.3481%Gate -0.3542%KuCoin -0.2598%MEXC -0.2646% | -0.0382% | $1.10M | $13.43M | Trade |
| 30CXMT HIP-3 | Hyperliquid xyz:CXMT | -0.2797% | -306.3% | Bybit -0.0325%HTX 0.0000% | — | $16.52M | $22.99M | Trade |
| 31HUMA | Bybit HUMAUSDT | -0.2770% | -303.3% | Aster -0.1311%Binance -0.2610%Bitget -0.2584%Gate -0.2344%KuCoin -0.2328%MEXC -0.2624% | -0.0442% | $1.21M | $4.25M | Trade |
| 32ZHIPU HIP-3 | Hyperliquid xyz:ZHIPU | -0.2666% | -291.9% | Bybit -0.0360%HTX -0.1617% | — | $7.65M | $4.98M | Trade |
| 33ERA | Binance ERAUSDT | -0.2643% | -289.4% | Aster -0.2293%Bitget -0.2980%Bybit -0.3481%Gate -0.3542%KuCoin -0.2598%MEXC -0.2646% | -0.0045% | $10.03M | $111.17M | Trade |
| 34HUMA | Binance HUMAUSDT | -0.2610% | -285.8% | Aster -0.1311%Bitget -0.2584%Bybit -0.2770%Gate -0.2344%KuCoin -0.2328%MEXC -0.2624% | -0.0282% | $5.27M | $29.12M | Trade |
| 35ERA | KuCoin ERAUSDTM | -0.2598% | -284.5% | Aster -0.2293%Binance -0.2643%Bitget -0.2980%Bybit -0.3481%Gate -0.3542%MEXC -0.2646% | 0.0045% | $980K | $2.17M | Trade |
| 36SMSN HIP-3 | Hyperliquid xyz:SMSN | -0.2578% | -282.3% | only on Hyperliquid | — | $23.94M | $61.20M | Trade |
| 37JCT | KuCoin JCTUSDTM | -0.2526% | -276.6% | Aster -0.2316%Binance 0.0100%Bitget 0.0418%Bybit 0.0100%Gate 0.0100%HTX 0.0100%MEXC 0.0100% | -0.2944% | $19.82M | $12.66M | Trade |
| 38GIGADEV HIP-3 | Hyperliquid xyz:GIGADEV | -0.2406% | -263.4% | HTX 0.0000% | — | $561K | $1.39M | Trade |
| 39JCT | Aster JCTUSDT | -0.2316% | -253.6% | Binance 0.0100%Bitget 0.0418%Bybit 0.0100%Gate 0.0100%HTX 0.0100%KuCoin -0.2526%MEXC 0.0100% | -0.2734% | $786K | $11.93M | Trade |
| 40UNITREE HIP-3 | Hyperliquid xyz:UNITREE | -0.2279% | -249.5% | Bybit -0.0709%HTX -0.1987% | -0.1570% | $15.21M | $28.46M | Trade |
| 41SKHYNIX | HTX SKHYNIX-USDT | -0.2265% | -248.0% | Bybit -0.0319% | -0.1946% | $1.17M | $2.94M | Trade |
| 42INIT | Gate INIT_USDT | -0.1752% | -191.8% | Aster -0.2935%Binance -0.4784%Bitget -0.4168%Bybit -0.7528%HTX -0.0433%HL -0.0525%KuCoin -0.1576%MEXC -0.4776% | -0.1227% | $1.33M | $17.65M | Trade |
| 43INIT | KuCoin INITUSDTM | -0.1576% | -172.6% | Aster -0.2935%Binance -0.4784%Bitget -0.4168%Bybit -0.7528%Gate -0.1752%HTX -0.0433%HL -0.0525%MEXC -0.4776% | -0.1051% | $1.98M | $8.75M | Trade |
| 44KGEN | KuCoin KGENUSDTM | -0.1550% | -169.7% | Aster 0.0100%Binance 0.0100%Bitget 0.0100%Bybit 0.0100%Gate -0.0168%MEXC 0.0100% | -0.1650% | $2.38M | $51.71M | Trade |
| 45BMT | Binance BMTUSDT | -0.1312% | -143.7% | Aster -0.0964%Bybit -0.1007%Gate -0.1184%KuCoin -0.1594%MEXC -0.1316% | -0.0305% | $4.16M | $7.80M | Trade |
| 46FLR | Bybit FLRUSDT | -0.1311% | -143.6% | Gate -0.0385%MEXC -0.1313% | 0.0002% | $537K | $2.18M | Trade |
| 47BZ | Bybit BZUSDT | -0.1215% | -133.1% | KuCoin -0.1088% | -0.0127% | $8.02M | $23.16M | Trade |
| 48MINIMAX HIP-3 | Hyperliquid xyz:MINIMAX | -0.1198% | -131.2% | Bybit 0.0000%HTX 0.0097% | — | $897K | $1.38M | Trade |
| 49BRENTOIL HIP-3 | Hyperliquid xyz:BRENTOIL | -0.1106% | -121.1% | HTX -0.1279% | — | $150.82M | $118.70M | Trade |
| 50BZ | KuCoin BZUSDTM | -0.1088% | -119.1% | Bybit -0.1215% | 0.0127% | $3.52M | $1.98M | Trade |
Where exchanges disagree
Full funding arbitrage scanner →Coins from the list above whose most negative market sits far below the same coin elsewhere: shorts are crowded on one exchange, not everywhere. Both legs, fees and liquidity are on the funding arbitrage page.
| Coin | Most negative market | Highest other | Gap / 8h | Gap APR |
|---|---|---|---|---|
| INIT | Bybit -0.7528% | HL -0.0525% | 0.7002% | 766.8% |
| BTW | Bybit -0.9281% | Bitget -0.3082% | 0.6199% | 678.8% |
| UNITREE | HL -0.5437% | Bybit -0.0709% | 0.4728% | 517.7% |
| PRL | Bybit -1.1838% | KuCoin -0.7476% | 0.4362% | 477.6% |
| IDOL | KuCoin -0.3624% | Aster 0.0625% | 0.4249% | 465.3% |
| JCT | KuCoin -0.2526% | Bitget 0.0418% | 0.2944% | 322.4% |
| SKHYNIX | HTX -0.2265% | Bybit -0.0319% | 0.1946% | 213.1% |
| KGEN | KuCoin -0.1550% | Binance 0.0100% | 0.1650% | 180.7% |
| ONE | MEXC -0.5740% | Aster -0.4328% | 0.1412% | 154.6% |
| CYBER | Binance -0.3965% | KuCoin -0.3016% | 0.0949% | 103.9% |
How to read it. Each row is one perpetual market; the same coin can appear once per exchange. Funding is shown per 8 hours for every exchange (Hyperliquid's hourly rate × 8, 4-hourly rates × 2). Positive = longs pay shorts, negative = shorts pay longs. Green is above the usual 0.01% / 8h baseline, red is negative, bold is extreme (≥ 0.1% / 8h). Gap compares the market with the highest other market of the same coin that has at least $500K open interest. See also highest funding rates.
Negative funding FAQ
What does negative funding mean?
Negative funding means traders who are short pay those who are long, every funding interval, as a percentage of position size. It shows shorts are crowded, often after a sell-off or on a coin that is heavily hedged or borrowed. Very negative funding can precede a short squeeze, but it can also persist for days while price keeps falling.
Which coin has the most negative funding rate right now?
Among perps with at least $1M 24h volume and $500K open interest, PRL on Bybit (PRLUSDT) has the most negative rate: -1.1838% per 8 hours, about -1296.2% a year if it held. See the PRL funding rate page for every exchange side by side.
How do I compare hourly and 8-hour funding?
Hyperliquid pays funding every hour; Binance and Bybit pay every 8 hours on most perps and every 4 or 1 hours on some. Every rate on this page is converted to its 8-hour equivalent (hourly × 8, 4-hourly × 2) so they compare directly. APR is the 8-hour rate × 3 × 365, without compounding. For Hyperliquid's native hourly numbers see Hyperliquid funding rates.
Is funding rate arbitrage risk-free?
No. Going long where funding is lower and short where it is higher collects the difference only while the rates stay apart. Funding changes every interval and can flip, fees and slippage come off the edge, the two prices can drift, each leg can be liquidated on its own and you carry risk on both exchanges. The funding arbitrage scanner lists both legs with their liquidity.
Which markets are included?
Every perpetual on Binance, Bybit and Hyperliquid (including HIP-3 stock and commodity perps) with at least $1M of 24h volume and $500K of open interest. Each market is listed on its own, so the same coin can appear once per exchange. Nothing here is financial advice.