What is the average funding rate on Phoenix?
The mean funding rate across 76 Phoenix perpetual markets is +0.41 bps, equivalent to +4.5% annualized after normalizing each market to an 8-hour basis.
Phoenix funding rate history
Phoenix lists 76 perpetual markets with funding rate data. The current mean funding rate across Phoenix perps is 0.41 bps (4.47% APY) (8h-normalized so it can be compared across venues with different funding intervals).
Highest Phoenix funding rates
- QCOM: 6.08 bps (66.60% APY)
- CRCL: 4.31 bps (47.24% APY)
- FARTCOIN: 3.86 bps (42.31% APY)
Lowest Phoenix funding rates
- SKR: -8.72 bps (-95.52% APY)
- MON: -4.87 bps (-53.34% APY)
- MORPHO: -3.32 bps (-36.36% APY)
Largest absolute Phoenix funding rates
Markets with the most extreme Phoenix funding (positive or negative): SKR (-8.72 bps), QCOM (6.08 bps), MON (-4.87 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 2026-08-28T22:22:40Z (UTC).
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FAQs
Phoenix funding rate questions
Phoenix currently reports funding for 76 perpetual futures markets with a mean 8-hour-normalized rate of +0.41 bps.
Which Phoenix perpetual has the highest funding rate?
QCOM has the highest current Phoenix funding rate at +6.08 bps, or +66.6% annualized.
Which Phoenix perpetual has the lowest funding rate?
SKR has the lowest current Phoenix funding rate at -8.72 bps, or -95.5% annualized.
Which Phoenix market has the most extreme funding?
SKR has the largest absolute funding rate on Phoenix at -8.72 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.
