RWA Perp Funding

Long pays is the APR paid by a long position. A negative value means the long receives funding. Short pays is the APR paid by a short. Net APR equals (−short pays) + (−long pays). A positive value is profitable carry before borrow, slippage, and venue fees. $/day equals Net APR × notional per leg / 365. The notional input is the size held on each leg, so $100k means $100k long plus $100k short, for $200k gross exposure that is delta-neutral.

Avg 24h and Avg 7d are the realized Net APR averaged over the last 24 and 168 hourly funding intervals. For each hour, the funding rate on the long-leg venue and the short-leg venue is read, the hourly Net APR is computed as long-leg funding minus short-leg funding (both expressed as long pays), and the mean is taken across the window. These indicate whether the spread has paid consistently rather than spiking in a single interval.

Total OI is the combined open interest in USD across the long-leg and short-leg venues. Hover the value for the per-side split.

Rate sources by venue: Hyperliquid (xyz, Kinetiq, dreamcash, HyENA) uses the current hourly funding, annualized. Lighter uses the predicted next-period rate from its funding-rates endpoint, matching the Lighter UI. Ostium uses 1h-smoothed accumulator deltas, matching the Ostium UI, with a 24h fallback for inactive pairs. Variational uses the current funding rate from its stats endpoint, annualized. The Avg 24h and Avg 7d columns use realized hourly bars on every venue, so they can differ from the spot rate on thin markets. Legs above ±200% APR are excluded.