Bybit SPELL/USDT Funding Rate

SPELL/USDT on Bybit has maintained a 84.3% positive rate frequency across 4,825 funding settlements since 2021-12-13. This translates to an annualized yield of -11.56% for delta-neutral positions.

The funding rate ranged from a low of -2.619% to a high of 0.4158% per settlement period. With 8-hour intervals, Bybit settles this pair 3 times per day — each settlement is a tradeable event.

The consistently high positive rate (84.3%) indicates persistent long-side demand for SPELLperpetual futures. This creates a structural alpha for short-side collectors — and a highly predictable binary market for Settled traders. When the current rate is positive, there is historically >95% probability the next settlement will also be positive.

Funding rates are periodic payments between long and short traders on perpetual futures contracts. When the rate is positive, longs pay shorts — indicating bullish sentiment and excess leverage on the long side. When negative, shorts pay longs.

Bybit settles SPELL/USDT funding every 8 hours. The rate is determined by the premium/discount between the perpetual contract price and the spot index price. Over 4,825 historical settlements, we observe a strong positive bias — making this pair highly predictable for Settled markets.