{"slug":"perp-funding","title":"Cheapest perp venue to hold a position, live funding normalized","subtitle":"Funding cost in basis points to hold a long position for 24 hours at the current rate, normalized across venues that settle funding on 1 hour, 4 hour and 8 hour periods. Negative means longs get paid.","category":"Trading","metric":"Funding cost to hold a long 24h","unit":"bp","status":"live","higherIsBetter":false,"filters":null,"value":-5.22463,"leader":{"name":"Kalshi","slug":"kalshi","value":-5.22463},"leaders":[{"name":"Kalshi","slug":"kalshi","value":-5.22463}],"rankings":[{"name":"Kalshi","slug":"kalshi","value":-5.22463,"unit":"bp","ms":{"p50":-5.22463,"p90":1.01139,"p99":-1.66618,"mean":-19.0699},"successRate":100,"sampleSize":2880},{"name":"Vest","slug":"vest","value":-4.9215,"unit":"bp","ms":{"p50":-4.9215,"p90":-10.8016,"p99":-8.82152,"mean":-17.9635},"successRate":100,"sampleSize":2880},{"name":"Binance","slug":"binance","value":-1.32979,"unit":"bp","ms":{"p50":-1.32979,"p90":3,"p99":2.2137,"mean":-4.85375},"successRate":100,"sampleSize":2880},{"name":"Paradex","slug":"paradex","value":-1.28614,"unit":"bp","ms":{"p50":-1.28614,"p90":2.95184,"p99":2.82517,"mean":-4.69441},"successRate":100,"sampleSize":2880},{"name":"OKX","slug":"okx","value":-1.27281,"unit":"bp","ms":{"p50":-1.27281,"p90":2.98776,"p99":2.06267,"mean":-4.64574},"successRate":100,"sampleSize":2880},{"name":"Bybit","slug":"bybit","value":-1.1885,"unit":"bp","ms":{"p50":-1.1885,"p90":2.01412,"p99":2.46038,"mean":-4.33804},"successRate":100,"sampleSize":2880},{"name":"Aster","slug":"aster","value":-1.05047,"unit":"bp","ms":{"p50":-1.05047,"p90":3,"p99":2.80088,"mean":-3.8342},"successRate":100,"sampleSize":2880},{"name":"Extended","slug":"extended","value":-0.940167,"unit":"bp","ms":{"p50":-0.940167,"p90":3.12,"p99":3.12,"mean":-3.43161},"successRate":100,"sampleSize":2880},{"name":"Lighter RH","slug":"lighter-rh","value":-0.0108333,"unit":"bp","ms":{"p50":-0.0108333,"p90":2.88,"p99":2.74975,"mean":-0.0395417},"successRate":100,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","value":0.189787,"unit":"bp","ms":{"p50":0.189787,"p90":3.48022,"p99":-0.00637496,"mean":0.692721},"successRate":100,"sampleSize":2880},{"name":"Lighter","slug":"lighter","value":1.18367,"unit":"bp","ms":{"p50":1.18367,"p90":2.88,"p99":2.88,"mean":4.32038},"successRate":100,"sampleSize":2880},{"name":"Ondo Perps","slug":"ondo","value":1.8825,"unit":"bp","ms":{"p50":1.8825,"p90":3,"p99":3,"mean":6.87113},"successRate":100,"sampleSize":2880},{"name":"StandX","slug":"standx","value":2.20815,"unit":"bp","ms":{"p50":2.20815,"p90":3,"p99":3,"mean":8.05975},"successRate":100,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","value":2.53554,"unit":"bp","ms":{"p50":2.53554,"p90":3,"p99":2.59877,"mean":9.25472},"successRate":100,"sampleSize":2880},{"name":"ApeX Omni","slug":"apex","value":2.84825,"unit":"bp","ms":{"p50":2.84825,"p90":2.75617,"p99":2.96606,"mean":10.3961},"successRate":100,"sampleSize":2880},{"name":"Pacifica","slug":"pacifica","value":2.92915,"unit":"bp","ms":{"p50":2.92915,"p90":3,"p99":3,"mean":10.6914},"successRate":100,"sampleSize":2880},{"name":"Polymarket","slug":"polymarket","value":3,"unit":"bp","ms":{"p50":3,"p90":3,"p99":2.15621,"mean":10.95},"successRate":100,"sampleSize":2880},{"name":"edgeX","slug":"edgex","value":3,"unit":"bp","ms":{"p50":3,"p90":3,"p99":3,"mean":10.95},"successRate":100,"sampleSize":2880}],"sparkline":[-5.27099,-5.28327,-5.29556,-5.30784,-5.32012,-5.33241,-5.34469,-5.35697,-5.36925,-5.38154,-5.39382,-5.4061,-5.41839,-5.43067,-5.44295,-5.45567,-5.46256,-5.46886,-5.47516,-5.48147,-5.48777,-5.49408,-5.50038,-5.50668,-5.51299,-5.51929,-5.52559,-5.5319,-5.5382,-5.54451,-5.55081,-5.55711,-5.56342,-5.56972,-5.57603,-5.58233,-5.58863,-5.59494,-5.60124,-5.60778,-5.62338,-5.63899,-5.6546,-5.67021,-5.68581,-5.70142,-5.71703,-5.73264,-5.74825,-5.76385,-5.77946,-5.79507,-5.81068,-5.82628,-5.84189,-5.8575,-5.87311,-5.88871,-5.90432,-5.91993,-5.93554,-5.95115,-5.96675,-5.98076,-5.89675,-5.81273,-5.72872,-5.6447,-5.56069,-5.47667,-5.39266,-5.30865,-5.22463],"sampleSize":51840,"asOf":"2026-11-01T07:01:39.035Z","freshness":{"asOf":"2026-11-01T07:01:39.035Z","ageHours":0.2,"stale":false},"measured":18,"ranked":18,"headline":"Kalshi posts the lowest funding cost to hold a long 24h at -5.22 bps (24h avg) across 18 ranked venues.","quote":"Kalshi posts the lowest funding cost to hold a long 24h at -5.22 bps (24h avg) across 18 ranked venues. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-funding).","cite":{"plain":"OpenChainBench. \"Cheapest perp venue to hold a position, live funding normalized\". Retrieved 2026-11-01. https://openchainbench.com/benchmarks/perp-funding","bibtex":"@misc{ocb_perp_funding,\n  author = {OpenChainBench},\n  title  = {Cheapest perp venue to hold a position, live funding normalized},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-funding},\n  note   = {Retrieved 2026-11-01}\n}","apa":"OpenChainBench. (2026). Cheapest perp venue to hold a position, live funding normalized. Retrieved November 1, 2026, from https://openchainbench.com/benchmarks/perp-funding","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Cheapest perp venue to hold a position, live funding normalized\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-funding\r\nY2  - 2026-11-01\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-funding","ogImage":"https://openchainbench.com/api/og/perp-funding","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/hyperliquid-frontends","methodology":["Sources. One public, unauthenticated endpoint per venue: Hyperliquid info metaAndAssetCtxs (live 1h rate), Binance fapi premiumIndex plus fundingInfo for per pair intervals, Bybit v5 tickers plus instruments-info (interval in minutes), OKX public funding-rate (interval from settlement timestamps), dYdX v4 indexer perpetualMarkets (per hour rate), Paradex markets summary (8h period), Aster premiumIndex (Binance compatible).","Native cohort feeds since 2026-09-23 (perp-cohort-stats harness): Lighter and Lighter RH from /funding-rates (8h-normalised feed, rate x 3), Extended from /info/markets (hourly), edgeX from getTicker (4h, interval from fundingTime to nextFundingTime), Pacifica from /info/prices (hourly); Aster reads premiumIndex plus fundingInfo there too.","Normalization. Every venue quotes a rate for its own settlement period. The harness divides the quoted rate by the venue's interval in hours to get a per hour rate, then publishes per hour bps (rate times 10000), 24 hour hold cost (per hour times 24) and annualized percent (per hour times 24 times 365 times 100). A 0.01 percent per 8h rate and a 0.00125 percent per 1h rate are the same number on this page.","Sign convention. Positive means longs pay shorts, negative means longs are paid to hold. Signs are preserved through every column; the ranking treats negative as cheaper, so a venue where the long side is being paid ranks first.","Headline. Cost in bps of notional to hold an ETH long for 24 hours, averaged over the last 24 hours of one minute samples. The instantaneous rate moves every settlement; the 24 hour average is what a position opened yesterday actually paid. BTC and SOL columns are computed identically.","Windows. The 7 day and 30 day columns are avg_over_time of the normalized hold cost series, the carry trader's view. A venue with attractive funding for one hour and brutal funding the rest of the week ranks accordingly on the longer windows.","Cadence. The harness polls all venues in parallel every 60 seconds with a 10 second timeout per request; Prometheus scrapes every 30 seconds. End to end staleness is under two minutes in normal operation.","Failures. Cohort-harness rows (every venue except dYdX and Paradex) lose their gauge five minutes after the last refresh (ten for edgeX and ApeX, read through a ticker cache) and turn red at 15 minutes: a gap in the 24h average is a gap, never the last value repeated. The perp-funding-harness rows (dYdX, Paradex) keep their last value and turn red after 5 minutes of silence. Nothing is interpolated or guessed.","Scope. BTC, ETH and SOL are the assets every venue in the cohort lists. GMX is excluded because its borrow fee model has no comparable funding rate. Lighter joined on 2026-09-23 from its /funding-rates endpoint: the feed is normalised to 8 hours (its Hyperliquid entry is exactly eight times HL's hourly rate, and the native value matched the Mobula-sourced one to the second decimal at the switch), so the 24h figure is the rate times three.","Funding versus fees. This bench prices holding. Its companion perp-fees prices opening (taker fee plus spread plus impact on a $1000 ETH long). Read both to know the all in cost of a trade you intend to hold.","Reproducibility. Both harnesses are open in the OCB harness tree: perp-cohort-stats (the native funding sources and the Mobula feed) and funding.go in the hyperliquid-frontends harness (dYdX, Paradex). Point them at the same public endpoints and you reproduce every number on this page."],"license":"CC-BY-4.0"}