Phoenix lists 36 perpetual markets with funding rate data. The current mean funding rate across Phoenix perps is -1.10 bps (-12.03% APY) (8h-normalized so it can be compared across venues with different funding intervals).

Highest Phoenix funding rates

• SOL: 2.02 bps (22.12% APY)
• ZEC: 1.94 bps (21.27% APY)
• BNB: 1.23 bps (13.50% APY)

Lowest Phoenix funding rates

• MORPHO: -5.11 bps (-55.93% APY)
• JUP: -4.71 bps (-51.62% APY)
• LIT: -3.95 bps (-43.26% APY)

Largest absolute Phoenix funding rates

Markets with the most extreme Phoenix funding (positive or negative): MORPHO (-5.11 bps), JUP (-4.71 bps), LIT (-3.95 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 2026-05-31 01:41:37 (UTC).