The heatmap tracks OI-weighted funding across every 8-hour settlement for the 50 largest crypto futures markets by open interest: the latest OI-weighted BTC funding rate is 0.0053% per 8-hour settlement, and BTC funding summed to 0.520% over the last 30 days. Green cells mean shorts paid longs, red cells mean longs paid shorts, grey is the 0.01% baseline.
The funding rate heatmap lays out perpetual funding as a grid: one row per coin, one column per settlement, colour by rate. Each cell is the open-interest-weighted funding rate across every exchange we track, so a venue with more positions counts more and hourly venues are scaled to the common 8-hour basis. The 24-hour window shows hourly cells, 7 to 90 days show one cell per 8-hour settlement, and the 1-year window sums each UTC day.
Colour is deliberately sparse so the exceptions stand out. In the default three-tier model every cell with normal funding, between −0.003% and 0.0125% per 8 hours, is the same grey; red marks crowded longs, yellow marks extreme funding above 0.035% of the kind that has usually preceded a blow-off, and green marks negative funding where shorts pay longs. The signal bands split the same range into seven market states, from squeeze fuel through healthy lean-long to extreme, and add two market-pulse rows at the top: the median rate of the listed coins and the share of coins in the hot bands. The quantile model spreads the data over the 2026 percentiles of top-50 funding for maximum contrast.
Read it in two directions. Down a column you see how crowded the whole market was at one moment; across a row you see one coin's funding regime over time, and the total at the right end is what a position held for the whole window would have paid or received. The price row on top carries shaded bands where the market as a whole was crowded long, paying shorts or deeply cold, and the slider under the grid zooms into any part of the window. Rows are the largest crypto futures markets by open interest; search any coin to open its own grid with every exchange on its own row. The grid refreshes every five minutes and the last column is the settlement still in progress.
Looking for today's rates on every exchange instead? The funding rate matrix lists every coin by venue with 1-day to 1-year accumulations, and the funding rate z-score tells you how extreme today's Bitcoin funding is against its own history.
A grid of perpetual funding rates with coins on the rows and settlement times on the columns, coloured by the rate. It shows at a glance which markets are paying longs or shorts, how that has shifted over the last days or weeks, and whether the whole market is crowded on one side.
Each cell is the open-interest-weighted average of the funding rate on every tracked exchange for that coin, normalized to an 8-hour interval. Exchanges that settle hourly are scaled up so their rate is comparable, and venues with more open interest carry more weight.
The default three-tier model keeps normal funding, −0.003% to 0.0125% per 8 hours, in one grey so only the exceptions carry colour: red for crowded longs, yellow for extreme funding above 0.035%, green for negative funding where shorts pay longs. The signal bands split the same range into seven market states from squeeze fuel through healthy lean-long to extreme. The quantile model colours the cells by where they sit in the 2026 distribution of top-50 funding, from the bottom decile to the top percentile, for maximum contrast.
Two market-pulse rows above the coins. Median is the median 8-hour funding of the listed coins at each settlement; % hot is the share of those coins in the hot bands, 0.0075% per 8 hours or more. A high share across the whole market has usually marked crowded, late-stage rallies.
Stretches when the market as a whole was in one state for at least two days: crowded longs, extreme funding, shorts paying or deeply cold. Hover a band for its dates and the price change over the period.
24 hours shows one cell per hour, 7 to 90 days show one cell per 8-hour settlement, and the 1-year window sums the three settlements of each UTC day and prints the number in each cell. Drag the slider under the grid to zoom into any part of the window.