Bitcoin funding rate z-score: the 30-day mean of OI-weighted funding compared with its one-year mean, measured in standard deviations — how unusual the current cost of holding longs is. Daily since 2020.
Left axis: BTC price (log). Right axis: (30-day mean − 1-year mean) / 1-year standard deviation of OI-weighted daily funding.
z = (mean of daily funding over 30 days − mean over 365 days) / standard deviation over 365 days
Funding is the periodic payment between longs and shorts that keeps perpetual futures pinned to spot. Coinfuty aggregates it across exchanges weighted by open interest and stores one value per day. The z-score compares the last 30 days with the previous year, so a reading of +2σ means the recent cost of holding longs is two standard deviations above its own yearly norm — unusual regardless of the absolute level.
Using the OI-weighted series avoids small venues with extreme rates distorting the aggregate.
Persistently high funding means longs are paying up to stay in — a crowded trade. The z-score fired above +2σ near the local tops of early 2021 and late 2024, and strongly negative readings marked capitulation lows in mid-2021 and 2022. Funding normalising while price keeps rising is a healthier signal than both rising together.
0.16σ as of Oct 19, 2026: the last 30 days of funding are above their one-year average by 0.16 standard deviations.
The number of standard deviations the recent (30-day) average funding rate sits from its one-year average. It turns funding into a relative measure, so +2σ means "unusually expensive to be long for this market" whether the absolute rate is 0.01% or 0.1%.
Mildly positive funding is normal in an uptrend. Extreme, sustained positive funding is a crowded long and has preceded sharp corrections; extreme negative funding has marked capitulation lows.
Weighting each exchange's rate by its open interest reflects where the leverage actually sits and stops small venues with wild rates from distorting the aggregate.
Coinfuty computes every series on this page from daily BTC close prices and public constants — the Bitcoin halving schedule, block subsidy and published regression coefficients. Values refresh nightly (00:20 UTC) and the current day is patched hourly. These are historical, backward-looking indicators; nothing here is investment advice.