Funding rate and open interest

• It is what longs and shorts pay each other every few hours in a perpetual future, so its price does not drift away from spot. The exchange does not keep it: it goes from one side to the other.
• When it is positive, longs pay shorts; when it is negative, the other way round. It is paid on the size of the position, not on your margin: with $10,000 open and 0.01 %, each payment is $1.

• Each one calculates it with its own prices and charges it as often as it likes: almost all every 8 hours, some coins every 4 hours or every hour, and Hyperliquid every hour.
• To compare them, the «Over 8 h» column turns each rate into what it would be if it were charged every 8 hours. The rate you see is the one for the current period: it can move until the next payment.

• It is the value, in dollars, of all the contracts that are still open. If it rises, new money is coming into positions; if it falls, they are being closed.
• Price rising with open interest rising means new positions are being opened. If the price rises and open interest falls, it is mostly shorts closing.

The share of accounts with an open position that are long, regardless of how much money each one has: 70 % means seven out of ten are betting it goes up. Hyperliquid does not publish it, and some exchanges do not give it for every coin.

• From the public APIs of Binance, Bybit, OKX, Bitget and Hyperliquid, from their perpetual futures against USDT (on Hyperliquid, against USDC), every minute.
• The average for each coin gives more weight to the exchanges with more money open. Above the figures you will see if any of them is not responding right now.

• Without an account: Bitcoin and Ethereum on all five exchanges, with their funding, their open interest and their long accounts.
• With your active account (your UID linked and at least 100 USDT on your exchange): twelve coins, the chart of the last 30 days for each one and an alert when funding passes the number you choose.