Phoenix lists 55 perpetual markets with funding rate data. The current mean funding rate across Phoenix perps is 0.39 bps (4.27% APY) (8h-normalized so it can be compared across venues with different funding intervals).

Highest Phoenix funding rates

• HOOD: 4.91 bps (53.76% APY)
• XCU: 4.25 bps (46.55% APY)
• INTC: 3.63 bps (39.70% APY)

Lowest Phoenix funding rates

• LIT: -6.69 bps (-73.22% APY)
• MET: -5.45 bps (-59.67% APY)
• MORPHO: -3.21 bps (-35.10% APY)

Largest absolute Phoenix funding rates

Markets with the most extreme Phoenix funding (positive or negative): LIT (-6.69 bps), MET (-5.45 bps), HOOD (4.91 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 2026-07-15T02:37:26Z (UTC).