Live funding rates

A perpetual contract never expires, so something has to keep its price near spot. That something is funding: every few hours one side of the market pays the other. A positive rate means longs pay shorts; a negative rate means shorts pay longs. The exchange does not keep this money — it moves between traders.

On LBank, as on most venues, every 8 hours — three times a day. It is charged on your full position size, not on the margin you posted, which is why funding feels several times larger relative to your capital at high leverage.

That the perpetual is trading above spot and the market is crowded on the long side. While you hold a long position, a sum leaves your account each period and goes to the shorts. A negative rate is the exact reverse.

Per-period rate × 3, because settlement is every 8 hours. It is a derived number, not the exchange's own, and we label it as such next to the column. The per-instrument settlement interval is not published on the public data stream, so the first column is always the exchange's direct number.

Because the exchange has published no funding rate for that contract. We do not write a zero in its place and we do not count it in the table; the number of instruments with no published rate is stated above the board.

Two things. First, the cost of carry: if the rate on your instrument is high and you intend to hold for days, funding can eat a meaningful share of the profit. Second, as a sentiment read: sharply positive rates mean a lot of leveraged longs are crowded on one side, which is itself a risk.