What a perpetual position costs to hold, what that does to your break-even, and what the rate looks like annualised.
A positive funding rate means longs pay shorts. Negative means shorts pay longs.
Total position value, not the margin you posted. Funding is charged on the whole position, which is why it scales with leverage.
As the exchange shows it. 0.01% is an ordinary rate; 0.1% is a heated market. Negative values are allowed.
Most venues settle every 8 hours. Some use 1 or 4.
How long you expect to hold. 72 hours is three days.
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A perpetual future never expires, so exchanges use a funding payment to keep its price tethered to spot. At a fixed interval one side pays the other: positive rate, longs pay shorts; negative rate, shorts pay longs. The exchange keeps none of it. The payment is charged on your position size, not on the margin you posted, so a $10,000 position opened with $1,000 at 10x pays funding on the full $10,000.
The annualised figure is the one worth watching. A rate of 0.01% every eight hours sounds like nothing and is 10.95% a year. At 0.1% per interval, which happens whenever a move gets crowded, the annualised cost is around 110% and it will outrun most position sizing.
This counts funding only. Trading fees, spread and slippage are separate and usually larger on short holds — the round-trip cost calculator covers those. Funding settles at fixed clock times rather than from the moment you open, so a position held for exactly 72 hours may cross one more or one fewer settlement than the whole number shown here. Rates also change every interval; the rate you see now is not the rate you will pay tomorrow. The liquidation calculator covers the other cost of holding leverage, and the position-sizing guide turns a break-even move into a size.
Illustrative only, and not financial advice.