What is the average funding rate on Phoenix?
The mean funding rate across 98 Phoenix perpetual markets is +0.63 bps, equivalent to +6.8% annualized after normalizing each market to an 8-hour basis.
Phoenix funding rate history
Phoenix lists 98 perpetual markets with funding rate data. The current mean funding rate across Phoenix perps is 0.63 bps (6.84% APY) (8h-normalized so it can be compared across venues with different funding intervals).
Highest Phoenix funding rates
- ASML: 4.52 bps (49.52% APY)
- IREN: 4.46 bps (48.81% APY)
- AMD: 3.92 bps (42.89% APY)
Lowest Phoenix funding rates
- ZRO: -6.45 bps (-70.64% APY)
- RAY: -5.24 bps (-57.41% APY)
- OPEN: -3.91 bps (-42.76% APY)
Largest absolute Phoenix funding rates
Markets with the most extreme Phoenix funding (positive or negative): ZRO (-6.45 bps), RAY (-5.24 bps), ASML (4.52 bps).
About Phoenix funding rates
Funding payments keep Phoenix perpetual contracts pinned to the underlying spot price. A positive Phoenix funding rate means longs pay shorts — the long side is crowded and willing to pay to hold the position. A negative Phoenix funding rate means shorts pay longs. All rates on this page are normalized to an 8-hour basis so Phoenix can be compared directly with venues that fund hourly, every 4 hours, or on any other schedule.
Last updated 2026-10-13T14:19:31Z (UTC).
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FAQs
Phoenix funding rate questions
Phoenix currently reports funding for 98 perpetual futures markets with a mean 8-hour-normalized rate of +0.63 bps.
Which Phoenix perpetual has the highest funding rate?
ASML has the highest current Phoenix funding rate at +4.52 bps, or +49.5% annualized.
Which Phoenix perpetual has the lowest funding rate?
ZRO has the lowest current Phoenix funding rate at -6.45 bps, or -70.6% annualized.
Which Phoenix market has the most extreme funding?
ZRO has the largest absolute funding rate on Phoenix at -6.45 bps. Absolute magnitude identifies the market furthest from a flat rate, regardless of sign.
What does a positive Phoenix funding rate mean?
A positive normalized rate means longs pay shorts on that Phoenix perpetual. A negative rate means shorts pay longs. The payment direction is market-specific and can differ across symbols on the same venue.
Related: Phoenix open interest, Phoenix volume, Phoenix market data.
