Exchange Funding Rate Comparison: Apr 08, 2026
Five exchanges.
2,675,106 settlements.
2,661 symbols.
The broad regime is still negative.
The Data
| Exchange | Symbols | Avg Rate (%) | Median Rate (%) | Volatility (%) | Settlements |
|---|---|---|---|---|---|
| Binance | 670 | -0.0081 | +0.0050 | 0.0857 | 675,901 |
| Gate | 645 | -0.0126 | +0.0050 | 0.1228 | 645,973 |
| KuCoin | 568 | -0.0175 | -0.0045 | 0.1691 | 569,738 |
| Bybit | 549 | -0.0131 | +0.0050 | 0.1229 | 552,517 |
| Hyperliquid | 229 | -0.0019 | +0.0011 | 0.0218 | 231,977 |
Every exchange in the snapshot printed a negative average funding rate.
That matters.
It means the aggregate book is still paying longs less than usual, or paying shorts outright, across a very large sample.
This is not a one venue anomaly.
It is a cross venue condition.
KuCoin Is Still the Stress Point
KuCoin is the most negative exchange in the set at -0.0175%.
It is also the most volatile at 0.1691%.
And it is the only venue with a negative median at -0.0045%.
That last point is the important one.
A negative mean can come from a handful of ugly outliers.
A negative median means the typical settlement is already below zero.
So on KuCoin, the bearish bias is not living in the tails.
It is showing up in the center of the distribution.
For traders watching funding rate history, KuCoin remains the exchange where structural stress is easiest to spot first.
Hyperliquid Remains the Calm Book
Hyperliquid is the least negative venue at -0.0019%.
Its volatility is just 0.0218%.
That is around one eighth of KuCoin's volatility.
The median stays slightly positive at +0.0011%.
So while the average still leans negative, the book is much closer to equilibrium than the centralized exchange cohort.
That makes Hyperliquid useful as a baseline.
When Hyperliquid is near flat and KuCoin or Gate are deeply negative, the spread usually says more about venue specific positioning than about market wide panic.
Binance Still Looks Like the Stable CEX Core
Binance processed the largest number of settlements at 675,901 across 670 symbols.
Its average rate was -0.0081%.
That is negative, but notably less negative than Gate, KuCoin, and Bybit.
The median remains pinned at +0.0050%.
This is the same pattern seen in prior snapshots.
Binance absorbs the broad regime shift, but the center of its distribution still sits at the minimum positive floor.
In plain English, its large cap book is relatively orderly even when the average leans short.
For anyone using prediction markets on Settled, that makes Binance a cleaner venue for testing whether a negative print is likely to mean revert quickly.
Gate and Bybit Are Trading in the Same Neighborhood
Gate posted an average rate of -0.0126% with 0.1228% volatility.
Bybit came in at -0.0131% with 0.1229% volatility.
That is almost identical realized turbulence.
The difference is scale.
Gate covers 645 symbols and 645,973 settlements.
Bybit covers 549 symbols and 552,517 settlements.
Both medians remain +0.0050%.
So both books still have a positive floor at the center, but both are being dragged lower by a heavier negative tail than Binance.
If you are screening for dislocations rather than baseline exposure, these two venues are where to look after KuCoin.
The Cross Exchange Spread Still Matters
The gap between the least negative average rate and the most negative average rate is 15.6 basis points per settlement.
That spread runs from Hyperliquid at -0.0019% to KuCoin at -0.0175%.
This is a large enough difference to matter for carry.
It tells you the cost of holding the same directional exposure is still highly venue dependent.
That is exactly why funding rate markets deserve their own instrument.
The exposure already exists on the perp.
Settled just lets traders isolate it.
What Changed From The March Snapshots
The broad story has not flipped.
It has widened.
On March 25, Binance averaged -0.0082% and Bybit averaged -0.0119%.
Now Binance is still almost unchanged at -0.0081%, but Bybit has moved more negative to -0.0131%.
KuCoin has also deteriorated from -0.0122% on March 25 to -0.0175% now.
Hyperliquid remains the outlier near neutral.
So the regime is not just negative.
It is increasingly segmented.
Stable books stay relatively stable.
Tail heavy books are absorbing more pressure.
That split is where the actionable signal sits.
Read Through For Settled Users
If you are trading live funding markets, the cleanest setup is not always the biggest rate.
It is the venue where the median, mean, and volatility tell the same story.
KuCoin says regime.
Hyperliquid says anchor.
Binance says baseline.
Gate and Bybit say tail risk is still active.
That is enough to frame the board before looking at any single symbol.
The next move to watch is whether Binance's average rate follows KuCoin and Bybit deeper into negative territory, or whether the CEX stress stays concentrated in the more volatile books.
If that spread starts to compress, mean reversion is likely close.
If it widens again, the negative regime still has room to run.
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