Question 1

Which exchange has the highest CYPH funding rate right now?

Accepted Answer

Aftermath shows the highest CYPH funding at +214.92% annualized. A high positive rate means shorts get paid, so this is the venue to short CYPH when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.

Question 2

Which exchange is best to long CYPH for funding?

Accepted Answer

Phemex has the lowest CYPH funding at +0.00% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.

Question 3

What is the best CYPH funding-arbitrage pair?

Accepted Answer

The widest spread is long Bybit / short Aftermath at about 214.9% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does CYPH funding settle?

Accepted Answer

CYPH funding settles on different schedules by venue (1h, 8h). Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.

Question 5

Is CYPH funding positive or negative?

Accepted Answer

CYPH funding is mixed across venues, ranging +0.00% to +214.92% APR — which is exactly what creates the cross-exchange arbitrage opportunity.

Question 6

What is the current CYPH perpetual swap funding rate?

Accepted Answer

The current CYPH perpetual swap funding rate ranges from +0.00% to +214.92% annualized depending on the exchange — Phemex is lowest and Aftermath is highest right now. There is no single CYPH funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.

Question 7

What is the aggregated CYPH funding rate across exchanges?

Accepted Answer

Aggregated across the 16 venues ORBIT tracks, CYPH funding currently spans +0.00% to +214.92% APR, a spread of 214.9 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.

Question 8

How do I read the CYPH 8h funding rate versus the annualized rate?

Accepted Answer

Venues that settle CYPH every 8 hours quote the per-payment rate, which is charged three times a day. Multiply an 8h rate by 3 to get the daily figure and by 1,095 to annualize it. ORBIT converts every venue — 1h, 4h and 8h alike — to a common APR so an 8h rate and a 1h rate can be compared directly.

Exchange	Funding APR↓	Interval	Open Interest↕	Mark Price↕
AftermathBest Short	+214.92%	1h	$4K	$3.4913
TxFlow	+71.43%	1h	$4K	$3.348
Bitunix	+9.37%	8h	—	$3.358
WEEX	+1.10%	8h	$5K	$3.358
Hotcoin	+0.24%	8h	$71K	$3.358
BloFin	+0.03%	8h	$53K	$3.355
BybitBest Long	+0.00%	8h	$58K	$3.365
OKX	+0.00%	8h	$127K	$3.3672
Bitget	+0.00%	8h	$120K	$3.36
Gate.io	+0.00%	8h	$47K	$3.365
HTX	+0.00%	8h	$4K	$3.368
KuCoin	+0.00%	8h	$22K	$3.361
Toobit	+0.00%	8h	$92K	$3.359
LBank	+0.00%	8h	—	$3.353
QFEX	+0.00%	1h	$1.0M	$3.36
Phemex	+0.00%	8h	$774K	$3.358

CYPH Perpetual Swap Funding Rate by Exchange

How CYPH funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

CYPH funding rates explained

Frequently asked questions