THE perpetual futures funding rates — also called perpetual swap funding rates — are aggregated live by exchange across 14 venues on ORBIT. Funding is the recurring payment exchanged between long and short traders that keeps a perpetual swap tethered to the spot price — when it is positive, longs pay shorts; when negative, shorts pay longs. Right now THE funding ranges from +10.96% annualized on KuCoin to +135.77% on Bybit.
The widest cross-exchange funding spread for THE is currently 124.8% APR. A delta-neutral funding trade captures this gap by going long on KuCoin — where funding is lowest, so the long leg is paid or pays the least — and short on Bybit, where funding is highest, so the short leg collects. Because the two legs are equal and opposite, the asset's price moves cancel out and what is left is the funding spread. ORBIT's backtester replays the real funding history of both legs and subtracts live taker fees and order-book slippage, so the result is net PnL, not a headline number.
THE ranks #648 by open interest among tracked perpetual assets, total open interest across covered venues is $4.2M, 24h volume is $9.6M, the volume-weighted mark price is $0.0769. Deeper liquidity means a funding spread can be traded at larger size with lower slippage — use the Min OI filter on the screener to surface only markets you can realistically enter and exit.
Frequently asked questions
- Which exchange has the highest THE funding rate right now?
- Bybit shows the highest THE funding at +135.77% annualized. A high positive rate means shorts get paid, so this is the venue to short THE when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.
- Which exchange is best to long THE for funding?
- KuCoin has the lowest THE funding at +10.96% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.
- What is the best THE funding-arbitrage pair?
- The widest spread is long KuCoin / short Bybit at about 124.8% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.
- How often does THE funding settle?
- THE funding settles every 4h. Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.
- Is THE funding positive or negative?
- THE funding is currently positive across venues (longs pay shorts), ranging +10.96% to +135.77% APR.
- What is the current THE perpetual swap funding rate?
- The current THE perpetual swap funding rate ranges from +10.96% to +135.77% annualized depending on the exchange — KuCoin is lowest and Bybit is highest right now. There is no single THE 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.
- What is the aggregated THE funding rate across exchanges?
- Aggregated across the 14 venues ORBIT tracks, THE funding currently spans +10.96% to +135.77% APR, a spread of 124.8 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.
- How do I read the THE 8h funding rate versus the annualized rate?
- THE does not settle on an 8-hour schedule on the venues tracked here. Because intervals differ by exchange, comparing raw per-payment rates is misleading; ORBIT normalizes each venue to annualized APR so the numbers are directly comparable.
BybitBest Short
BingX
Bitget
Bitunix
WEEX
LBank
Pionex
Toobit
MEXC
Binance Futures
BloFin
Aster
Gate.io
KuCoinBest Long