Question 1

Which exchange has the highest PANW funding rate right now?

Accepted Answer

Crypto.com shows the highest PANW funding at +19.12% annualized. A high positive rate means shorts get paid, so this is the venue to short PANW 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 PANW for funding?

Accepted Answer

WEEX has the lowest PANW funding at -11.72% 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 PANW funding-arbitrage pair?

Accepted Answer

The widest spread is long WEEX / short Crypto.com at about 30.8% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does PANW funding settle?

Accepted Answer

PANW 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 PANW funding positive or negative?

Accepted Answer

PANW funding is mixed across venues, ranging -11.72% to +19.12% APR — which is exactly what creates the cross-exchange arbitrage opportunity.

Question 6

What is the current PANW perpetual swap funding rate?

Accepted Answer

The current PANW perpetual swap funding rate ranges from -11.72% to +19.12% annualized depending on the exchange — WEEX is lowest and Crypto.com is highest right now. There is no single PANW 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 PANW funding rate across exchanges?

Accepted Answer

Aggregated across the 13 venues ORBIT tracks, PANW funding currently spans -11.72% to +19.12% APR, a spread of 30.8 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 PANW 8h funding rate versus the annualized rate?

Accepted Answer

Venues that settle PANW 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↕
Crypto.comBest Short	+19.12%	1h	$1K	$399.48
HTX	+10.96%	8h	$1K	$400.025
Bitunix	+3.38%	8h	—	$400.33
Hotcoin	+0.31%	8h	$123K	$399.79
Bybit	+0.00%	8h	$539K	$399.28
Bitget	+0.00%	8h	$150K	$399.71
Gate.io	+0.00%	8h	$90K	$399.35
MEXC	+0.00%	8h	$1.6M	$399.71
Toobit	+0.00%	8h	$61K	$399.41
CoinW	+0.00%	8h	—	$394.01
LBank	+0.00%	8h	—	$399.79
QFEX	+0.00%	1h	$563K	$399.84
WEEXBest Long	-11.72%	8h	$52K	$399.68

PANW Perpetual Swap Funding Rate by Exchange

How PANW funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

PANW funding rates explained

Frequently asked questions