Question 1

Which exchange has the highest SMH funding rate right now?

Accepted Answer

HTX shows the highest SMH funding at +10.96% annualized. A high positive rate means shorts get paid, so this is the venue to short SMH 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 SMH for funding?

Accepted Answer

trade[XYZ] has the lowest SMH funding at -29.55% 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 SMH funding-arbitrage pair?

Accepted Answer

The widest spread is long trade[XYZ] / short HTX at about 40.5% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does SMH funding settle?

Accepted Answer

SMH 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 SMH funding positive or negative?

Accepted Answer

SMH funding is mixed across venues, ranging -29.55% to +10.96% APR — which is exactly what creates the cross-exchange arbitrage opportunity.

Question 6

What is the current SMH perpetual swap funding rate?

Accepted Answer

The current SMH perpetual swap funding rate ranges from -29.55% to +10.96% annualized depending on the exchange — trade[XYZ] is lowest and HTX is highest right now. There is no single SMH 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 SMH funding rate across exchanges?

Accepted Answer

Aggregated across the 16 venues ORBIT tracks, SMH funding currently spans -29.55% to +10.96% APR, a spread of 40.5 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 SMH 8h funding rate versus the annualized rate?

Accepted Answer

Venues that settle SMH 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↕
HTXBest Short	+10.96%	8h	$7K	$621.715
Bitunix	+5.46%	8h	—	$616.78
BloFin	+0.69%	8h	$46K	$616.75
Crypto.com	+0.69%	1h	$2K	$616.02
Hotcoin	+0.57%	8h	$131K	$616.62
Bybit	+0.00%	8h	$350K	$616.78
OKX	+0.00%	8h	$477K	$615.25
Bitget	+0.00%	8h	$846K	$615.66
Gate.io	+0.00%	8h	$84K	$615.7
MEXC	+0.00%	8h	$532K	$615.5
CoinW	+0.00%	8h	—	$603.9
LBank	+0.00%	8h	—	$615.81
QFEX	+0.00%	1h	$568K	$616.65
WEEX	-1.24%	8h	$456K	$616.76
Toobit	-3.83%	8h	$50K	$615.3
trade[XYZ]Best Long	-29.55%	1h	$856K	$616.25

SMH Perpetual Swap Funding Rate by Exchange

How SMH funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

SMH funding rates explained

Frequently asked questions