1. How funding is calculated
Almost every perp exchange computes funding from the same 8-hour formula: a premium (how far the perp's order book sits from the spot index) plus an interest component, with a clamp that pins the rate to the interest baseline whenever the premium is small. What differs is how often the result is paid, what it is capped at and which price turns your position into dollars. Those three details decide what you actually pay, and they are what this calculator takes from each venue's documentation.
8-hour rate F = average premium P + clamp(interest I − P, −0.05%, +0.05%)
Rate per payment = F × N ÷ 8 (N = hours between payments: 1 on Hyperliquid and Lighter, 4 on Aster HYPE, 8 on Binance BTC)
edgeX: F is computed per 4-hour payment directly (4-hour interest + premium, ±0.05% clamp per payment), with no ÷ 8 step
Payment = position size × price × rate per payment (positive: longs pay shorts)
Per day = payment × 24 ÷ N; APR (simple) = F × 3 × 365
Funding over a hold of H hours = payment × floor(H ÷ N), up to ceil(H ÷ N) payments depending on the clock
- interest I
- 0.01% per 8 hours on Hyperliquid, Lighter, Aster and Binance BTC (0% on some markets)
- price
- Hyperliquid: oracle (spot) price; Lighter and edgeX: index price; Aster, Binance, Bybit: mark price
- cap
- each venue clamps the rate per payment; Hyperliquid at 4% per hour for every asset
- edgeX
- interest 0.03% a day ÷ 6 payments = 0.005% per payment, the same baseline as 0.01% per 8 hours. The comparison table scales a rate typed per 1 or 8 hours to edgeX's 4-hour payment in proportion
Funding is charged on the position size (notional), not on your margin, and only to positions that are open at a funding time. Hyperliquid's docs put it exactly: the payment at the end of each hourly interval is position size × oracle price × funding rate, "purely peer-to-peer", with no fee taken. Lighter uses the index price, Aster, Binance and Bybit the mark price. The calculator uses the position value you enter; on liquid markets the difference between those prices is noise.
New to funding? Crypto funding rates explained covers what the rate is and why it exists, with a live funding rate table for Hyperliquid, Lighter, Aster, Binance and Bybit; Hyperliquid's funding rate explained walks through its formula, caps and 30 days of data.
2. Worked examples
Long BTC on Hyperliquid for a week (the calculator's default)
$10,000 of BTC at 0.00125% an hour (Hyperliquid API, October 20, 2026, 03:53 UTC). Each hourly payment is $10,000 × 0.00125% = $0.13 you pay. Twenty-four payments a day make $3.00 you pay; seven days are 168 payments, $21.00 you pay. At 10x the margin is $1,000, so the week costs 2.1% of it. The APR equivalent is 10.95% simple; compounded hourly it is 11.57%, which is how Hyperliquid's docs arrive at 11.6% for the 0.01%-per-8-hours baseline.
Short the highest-funding liquid market for a day
Of the Hyperliquid perps with more than $5M of 24-hour volume, XMR had the highest funding at build time: 0.007144% an hour (62.6% a year, simple). A $5,000 short with $1,000 of margin receives $0.36 an hour and $8.57 over 24 hours, 0.86% of the margin. That is the carry funding-rate traders chase, and it only lasts while the crowd stays long: the rate is recalculated every hour and can flip. Hedging the price exposure is the subject of our funding rate arbitrage guide.
A 6-hour hold: hourly vs 8-hour funding
$10,000 long at the baseline (0.01% per 8 hours), held for 6 hours. On Hyperliquid that is six hourly payments of $0.13: $0.75 you pay. On Binance BTC it is 0 or 1 payments of $1.00: $0.00 if no funding time (00:00, 08:00, 16:00 UTC) falls inside the six hours, $1.00 if one does. edgeX's 4-hour interval gives 1 or 2 payments. The expected cost is the same; the spread of outcomes is not.
A funding spike: where the caps bite
Hyperliquid's docs work through a 1% premium: F = 1% + clamp(0.01% − 1%, −0.05%, +0.05%) = 0.95% per 8 hours. The same rate on each venue, $10,000 long, one day:
| Venue | Rate per payment | Per day |
|---|---|---|
| Hyperliquid (all perps) | 0.11875% every hour | $285.00 you pay |
| Lighter (crypto perps) | 0.11875% every hour | $285.00 you pay |
| Aster BTC, ETH (8-hour) | 0.3% every 8 hours (capped) | $90.00 you pay |
| Aster 4-hour markets (HYPE…) | 0.475% every 4 hours | $285.00 you pay |
| Aster 1-hour markets | 0.11875% every hour | $285.00 you pay |
| edgeX (BTC, ETH, SOL, HYPE) | 0.2% every 4 hours (capped) | $120.00 you pay |
| Binance BTC, ETH (8-hour) | 0.3% every 8 hours (capped) | $90.00 you pay |
| Bybit BTC (8-hour) | 0.333% every 8 hours (capped) | $99.90 you pay |
Our arithmetic with the calculator's module; caps from the registry (dates under Sources). On Aster, Binance and edgeX the cap is set per market; the rows use the markets named.
Hyperliquid's 4%-per-hour cap is deliberately loose ("much less aggressive capping than CEX counterparts", in its docs), so a spike passes through almost in full, while Binance and Aster stop BTC at ±0.3% per 8 hours. For a trader holding the paying side, that is the difference between a bad day and a liquidation.
Hold perps where funding is settled every hour
Hyperliquid: hourly funding at the oracle price, a 4%-per-hour cap and 4% off trading fees with code HOLYGRAIL. Lighter also settles hourly, with zero fees on its Standard account (718610TD).
3. Hourly DEX funding vs 8-hour CEX funding
Hyperliquid and Lighter take the CEX formula, which produces an 8-hour rate, and pay one eighth of it every hour. At the same 8-hour rate a position pays the same per day on both models. Four things change:
- The number on the screen. Hyperliquid shows 0.00125% where Binance shows 0.01%. They are the same rate. Multiply an hourly rate by 8 before comparing, or set the unit box above to what your exchange displays.
- Timing. On an 8-hour venue a position opened at 08:01 UTC and closed at 15:59 pays nothing, and one held across 16:00 for a minute pays a full payment. Hourly settlement removes most of that lottery: you pay for roughly the hours you hold.
- Responsiveness. An hourly rate reacts to the premium within the hour, so a crowded trade gets expensive faster, and cheaper faster when the crowd leaves.
- Caps. Hyperliquid allows up to 4% per hour on every asset; Lighter 0.5% per hour; Binance and Aster ±0.3% per 8 hours on BTC. Read the cap together with the interval: per-day exposure at the cap is what can drain an isolated margin.
Aster sits in between: it pays BTC and ETH every 8 hours, but 356 of its 766 markets pay every 4 hours and 95 every hour, and its docs say the interval and cap can change in extreme volatility without notice. Its formula divides the 8-hour rate by 8/N, so a 4-hour market shows half the 8-hour number twice as often. edgeX pays every 4 hours on all contracts and, unlike Aster, computes the rate for each 4-hour interval directly: an interest component for that interval plus the premium averaged over it, clamped at ±0.05% per payment.
4. Converting a funding rate: hourly, 8-hour, daily, APR
| Per 8 hours | Per hour | Per 4 hours | Per day | APR (simple) | Per day on $10,000 |
|---|---|---|---|---|---|
| 0.01% (the interest baseline) | 0.00125% | 0.005% | 0.03% | 10.95% | $3.00 |
| 0.03% | 0.00375% | 0.015% | 0.09% | 32.85% | $9.00 |
| 0.05% | 0.00625% | 0.025% | 0.15% | 54.75% | $15.00 |
| 0.1% | 0.0125% | 0.05% | 0.3% | 109.5% | $30.00 |
APR here is the simple annualisation exchanges use (8-hour rate × 3 × 365). It is a way to compare a funding rate with a lending yield, not a forecast: funding is recalculated every interval and rarely stays put for a year. Over the 12 months to September 30, 2026, BTC funding on Hyperliquid summed to 5.953% of notional, below the 10.95% the baseline alone would give, because 19% of the hours were negative.
5. Venue rules the calculator applies
Read from each venue's documentation and public API on the dates under Sources. Hyperliquid per-market rates come from its info API at build time (October 20, 2026, 03:53 UTC); the site rebuilds every 6 hours, and "Use live rates" fetches them in your browser.
| Venue | Payment interval | Interest component | Cap | Price and details |
|---|---|---|---|---|
| Hyperliquid | Every 1 hour, every asset; the 8-hour formula paid at one eighth each hour | 0.01% per 8 hours (paid to shorts) | 4% per hour, every asset | Oracle price (spot), not mark; premium sampled every 5 seconds, averaged over the hour |
| Lighter | Every 1 hour, at each hour mark (clamped rate ÷ 8) | 0.01% per 8 hours on most markets | 4% per 8 hours = 0.5% per hour; premium × 1/2 on RWA, 1/100 on pre-IPO | Index price; 60 random per-minute premium samples per hour |
| Aster | Per market: 8 hours on BTC/ETH, 4 hours on HYPE. Of 766 markets: 312 every 8h, 356 every 4h, 3 every 2h, 95 every hour | 0.01% per 8 hours, scaled by N ÷ 8 (0% on 206 markets, e.g. BNBUSDT) | Per market: ±0.3% BTC/ETH; ±2% on HYPE and every 1-hour market | Mark price; charged up to 15 seconds after the timestamp |
| edgeX | Every 4 hours on every contract; F computed per 4-hour interval directly | 0.03% a day, divided over the day's payments (0.005% per 4-hour payment); ±0.05% clamp per payment | ±0.2% per payment on BTC, ETH, SOL, HYPE; set per contract | Index price; 4-hour TWAP premium weighted toward settlement; only positions held at settlement pay |
| Binance USDⓈ-M | 8 hours on BTC/ETH, 4 hours on HYPE and most alts | 0.01% per 8 hours on BTC/ETH | ±0.3% BTC/ETH; per symbol | Mark price |
| Bybit | 8 hours on BTC, ETH, SOL, HYPE | 0.01% per 8 hours | ±0.333% on BTCUSDT; per symbol | Mark price |
One documentation quirk: edgeX's funding page opens by saying fees are "exchanged every hour", but its own worked example and its public metadata (a 240-minute interval on every contract) say every 4 hours; the calculator follows the API. Hyperliquid's HIP-3 markets, deployed by third parties, can set their own funding multiplier and interest rate and are not in the market list.
6. What the calculator does not include
- A changing rate. The result assumes the rate you enter holds for the whole hold. Real rates move every interval; for a multi-day hold, treat the result as a what-if, and compare with history in our funding rate guide.
- Price changes. Payments are on the position's value at each funding time, which moves with the price; the calculator uses the value you enter.
- Trading fees, spread and slippage. Use the DEX fee calculator for fees and funding together, or the Hyperliquid calculator for one position's margin, liquidation price, fees and funding.
- Liquidation. Funding paid comes out of margin and moves an isolated liquidation price toward the market; the calculator warns when the hold's funding exceeds your margin, not before.
- It is an estimate, not financial advice. The exchange's own funding history is the record of what you paid.
Sources (official pages behind every number, with the date we last checked them)
- api.bybit.com/v5/market/instruments-info (verified October 19, 2026 · 2 figures)
- docs.asterdex.com/trading/perpetuals/fees-and-specs/funding-rate (verified October 1, 2026 · 2 figures)
- docs.lighter.xyz/trading/funding (verified October 19, 2026 · 4 figures)
- edgex-1.gitbook.io/edgeX-documentation/trading/funding-fees (verified October 1, 2026 · 2 figures)
- edgex-prod-v2.edgex.exchange/api/v2/public/meta/getMetaData (verified October 1, 2026 · 3 figures)
- fapi.asterdex.com/fapi/v1/fundingInfo (verified October 1, 2026 · 3 figures)
- fapi.binance.com/fapi/v1/fundingInfo (verified October 19, 2026 · 2 figures)
- hyperliquid.gitbook.io/hyperliquid-docs/referrals (verified October 19, 2026)
- hyperliquid.gitbook.io/hyperliquid-docs/trading/funding (verified October 19, 2026 · 6 figures)
- binance.com/en/support/faq/detail/360033525031 (verified October 1, 2026)
- bybit.com/en/help-center/article/Funding-fee-calculation (verified October 1, 2026)
Formulas: Hyperliquid docs (trading/funding), Lighter docs (trading/funding), Aster docs (funding rate), edgeX docs (funding fees), Binance FAQ (funding rates) and Bybit help (funding fee calculation), read October 1, 2026. Intervals and caps per market: Aster and Binance fundingInfo, edgeX V2 metadata, Bybit instruments-info.