funding cost & liq alert — every coin, every venue

a perp has no expiry, so funding is what drags it back to spot: perp above the index, longs pay shorts; below it, shorts pay longs. the exchange keeps none of it — it's a transfer, which is why it can also pay you.

cost = notional × rate × intervals held. binance, bybit and okx settle every 8 hours (00:00, 08:00, 16:00 utc); hyperliquid settles every hour. you pay only if you hold through the stamp, so entering two minutes before one costs a full interval.

it's charged on notional, so it looks small next to margin until you divide: the example's $30.00 a day is 0.60% of the $5,000 posted at 20x, every day.

0.01% per 8h is where a quiet perp sits; the coin decides the rest. this site's example rates run 0.01% per 8h on BTC to 0.03% on SOL — 3× the rent for the same exposure, before either moves.

past 0.05–0.10% per 8h the rate stops being a cost and becomes a crowd reading: one side pays to stay on, the other is paid to absorb it. the funding column in the markets table above is the live version, per coin and venue.

the trap on the collecting side: the rent is small and the move isn't. 0.10% per 8h is 0.3% a day against a short that can lose 10% in an afternoon. collect funding with a stop and an alarm.

on isolated margin every payment comes out of the position's own margin, so funding moves the line: the buffer to your liq thins every settlement, with no candle to blame.

the table prices that at 20x on $100,000, each coin at its example rate. on BNB at 0.02% per 8h the room lasts about 73 days on binance and 0 on hyperliquid — the harsher bracket also shortens the clock. the days hold at any size: room and rent both scale with notional.

so funding rarely liquidates a sanely leveraged position — the wick does. what funding does is shorten the clock, fastest on the coins whose swings already forced the wider stop.

the rate you type is a snapshot. venues recompute it continuously and fix it at the stamp, so what prints can be a multiple of what showed an hour earlier — usually when it matters most.

it's quoted per interval, not per year: 0.05% per 8h is 0.15% a day, a little over 50% annualised. type an annualised rate into a per-interval field and you overstate the cost about a thousand times.

and it's not a forecast: crowded markets stay crowded for weeks. multiply before you enter, and keep the liq distance in view while you hold — that's the number that ends the trade.