funding rate comps
Public
By ryan50Views
Perp Funding Rate Comparison — ETH, BTC, SOL, XRP, HYPE, AAVE, CRV
Live annualized perpetual funding rates across Binance, OKX, Bybit, and Hyperliquid as of 2026-07-20. CRV and HYPE show the richest annualized carry (~9-11%), while AAVE is a standout negative-carry outlier — Bybit's AAVE perp printed -47% annualized funding, dragging its cross-exchange average to -10.9%, the only negative reading in the set. This divergence signals crowded short positioning on AAVE relative to the broadly long-skewed majors.
Cross-Exchange Breakdown
Funding rates diverge meaningfully by venue — the same token can show a positive rate on one exchange and negative on another within the same hour, reflecting localized positioning imbalances rather than a market-wide consensus.
Market Context
Derivatives positioning is running hot on majors: a Hyperliquid whale briefly ran a 40x, ~1,897 BTC long before fully de-risking on 2026-07-20, while a separate whale opened a 20x leveraged long on 12,000 ETH — flows that push funding positive as longs pay to hold. On ETH, published long/short ratio reads near 0.96 (not fully one-sided) even as funding stays positive, and futures volume was reported up sharply over 24h — consistent with crowded-but-not-extreme long positioning. Context per CryptoBriefing, CryptoSlate, Invezz — unverified, not DefiLlama data.