Funding rate calculator
Funding = notional × rate at every settlement. Enter the venue's rate and its interval; positive means longs pay.
Funding arbitrage calculator: two venues, net of fees
Long the lower-funding venue, short the higher one, same notional. Enter both legs' hourly rates and taker fees; output is gross, fees for four fills, net and break-even.
Net = notional × (short rate − long rate) × hours − notional × 2 × (taker long + taker short). Break-even hours = 2 × (taker long + taker short) ÷ (short rate − long rate). Both legs are assumed to settle hourly at a constant rate; Aster settles per its interval, so the cash flow timing differs even when the 8h-equivalent matches. Not included: slippage, margin cost on two venues, basis between mark prices, liquidation risk on one leg. Live gaps ranked with these formulas: arbitrage scanner.
How it is calculated
- Payments per holding period:
n = holding hours ÷ interval hours, rounded down to whole intervals (you only pay at timestamps you hold through). - Payment per interval:
notional × rate. Sign: a long pays when the rate is positive and receives when it is negative; a short does the opposite. - Total:
payment per interval × n, assuming the rate stays constant, which it does not; use the 7-day average from a token page for a steadier estimate. - Annualised rate:
rate × (8760 ÷ interval hours). The 8h-equivalent shown across this site israte × 8 ÷ interval hours. - Hyperliquid and Lighter publish an hourly rate (the 8h-style rate divided by eight). Enter that hourly figure with "1 hour", or multiply by eight and pick "8 hours"; the result is identical.
Worked examples (used as the calculator's tests)
| Position | Rate / interval | Held | Intervals | Per interval | Total | Annualised |
|---|---|---|---|---|---|---|
| $10,000 long | 0.0100% / 8h | 72 h | 9 | pays $1.00 | pays $9.00 | 10.95% |
| $5,000 short | −0.0500% / 1h | 12 h | 12 | pays $2.50 | pays $30.00 | 438.00% |
| $25,000 long | 0.0200% / 4h | 36 h | 9 | pays $5.00 | pays $45.00 | 43.80% |
| $10,000 short | 0.0012% / 1h | 168 h | 168 | receives $0.12 | receives $20.16 | 10.51% |
The 0.0012%/h case is a typical Hyperliquid BTC reading: the interest component alone is 0.00125%/h (0.01%/8h, 11.6% APR to shorts) when the premium is zero, which is why BTC shorts on Hyperliquid are paid a little even in a flat market. Formulas: funding rates explained.