Phoenix lists 36 perpetual markets with funding rate data. The current mean funding rate across Phoenix perps is -1.02 bps (-11.15% APY) (8h-normalized so it can be compared across venues with different funding intervals).

Highest Phoenix funding rates

• CL: 4.70 bps (51.52% APY)
• SOL: 2.03 bps (22.23% APY)
• ZEC: 1.98 bps (21.70% APY)

Lowest Phoenix funding rates

• JUP: -5.18 bps (-56.72% APY)
• MORPHO: -4.81 bps (-52.65% APY)
• JTO: -4.58 bps (-50.18% APY)

Largest absolute Phoenix funding rates

Markets with the most extreme Phoenix funding (positive or negative): JUP (-5.18 bps), MORPHO (-4.81 bps), CL (4.70 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 2026-05-30 22:28:30 (UTC).