Perp DEX funding stability, 24h stddev of ETH funding ranked
24h standard deviation of ETH funding rate, in basis points per 24h, across the perp-funding cohort. Lower means funding stays in a tight band, the carry trader's preferred signal.
TL;DR. As of , Coinbase leads 24h eth funding stddev at 0.0023% (24h avg) on Perp DEX funding stability, 24h stddev of ETH funding ranked. Source: OpenChainBench, https://openchainbench.com/benchmarks/perp-funding-stability.
Read this carefully
Stability is not directionality. A venue with persistently positive but tight-banded funding ranks better here than one that flips between positive and negative every settlement, even if the second venue offers better average carry. Read alongside perp-funding for direction and average level.
This benchmark ranks perp venues by how tightly their ETH funding rate clusters over the trailing 7 days. Average funding tells you which side gets paid; stability tells you how reliably. A venue whose 24h hold cost wanders 15 bps in a week is harder to carry trade than one that holds within 3 bps even if both average the same number. The bench reads the same normalized series as perp-funding (per-venue hold cost in bps per 24h) and exposes stddev_over_time of that series on a 24 hour window for ETH. Cohort is 15 venues across two sources: 7 polled directly by the harness (Hyperliquid onchain, Bybit, dYdX v4 Cosmos appchain, Binance, OKX, Paradex Starknet L2, Aster BNB Chain) and 8 sourced through Mobula's CEFI funding aggregator (Bitget, Coinbase, Deribit, Gate, Kraken, KuCoin, Lighter, MEXC). Lower is better.
Methodology
The bench reuses the normalized 24h ETH funding series from perp-funding (bench № 036). For each venue it publishes the 7 day rolling standard deviation of the ETH hold-24h gauge, in bps. Sign is preserved on the underlying series; the ranking metric is the magnitude of the swing, not its direction. Lower means the venue's funding stayed in a tight band, the cleanest signal for funding-rate arbitrage and basis trades. Cadence and freshness inherit from the upstream funding scrape (60 second poll, 30 second Prom scrape).
Frequently asked
What does funding stability measure?
It is the 24 hour standard deviation of each venue's ETH funding rate, expressed in basis points per 24 hour hold. The metric measures how tightly funding clusters around its own 7 day mean, ignoring whether the rate sits positive or negative. A low value means traders carrying a position on that venue paid (or received) a predictable number every settlement; a high value means the rate swung a lot over the week.
Why is lower better?
Carry trades, basis trades and funding-rate arbitrage all assume the rate behaves predictably over the holding window. A venue with a noisy funding curve forces wider stop-losses and reduces the achievable Sharpe even when the average rate looks attractive. Stability is the second-order property that turns an average rate into a trade you can size.
How does this differ from perp-funding (bench 036)?
perp-funding ranks venues by the current normalized 24h funding cost on ETH; it answers 'who is cheapest to hold right now'. perp-funding-stability ranks venues by the 24 hour standard deviation of that same series; it answers 'whose rate is most predictable'. The two are complementary: a cheap-but-noisy venue is still risky to carry; a stable-but-expensive venue is honest about its cost.
Why ETH only?
ETH is the deepest contract on every venue in the cohort, so the funding series has the strongest signal-to-noise ratio for cross-venue comparison. BTC and SOL are also published by the upstream harness as gauges; future revisions of this bench may expand the dimension.
How fresh are the numbers?
The upstream funding gauge is scraped every 30 seconds. The stddev refreshes on every Prom evaluation, so the leaderboard reflects the most recent 24 hour window minus at most 30 seconds of lag.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats