Funding basis
Binance settles funding every 8 hours and Hyperliquid accrues hourly. Every rate below is normalised to bps per 8 hours before it is differenced; ΔFR is what $FR-BASIS settles against.
The native leg is modelled. Robinhood Chain has no public perp funding feed yet, so that leg is set to the reference mean plus a fixed premium. The references cancel out of the difference, which makes the ΔFR shown here a model output rather than a market. Binance and Hyperliquid are live reads.
Funding by venue
bps per 8h
| Venue | Interval | BTC funding | BTC vs native | ETH funding | ETH vs native | Source |
|---|---|---|---|---|---|---|
| Robinhood Chain · native perp | — | — | — | — | — | Stale |
| Binance · USD-margined perps | — | — | — | — | — | Stale |
| Hyperliquid · perps | — | — | — | — | — | Stale |
| Reference mean · Binance, Hyperliquid | — | — | ||||
| ΔFR · native − reference mean | — | — | — | — | Modelled | |
Funding basis ΔFR · bps / 8h · 1m · 6h
Modelled
Settlement
cash flow = size × ΔFR × Δt ÷ 28,800- ΔFR > 0
- Native funding is rich. Longs pay shorts.
- ΔFR < 0
- Native funding is cheap. Shorts pay longs.
- Δt
- Seconds since the position was last touched.
- 28,800
- Seconds in the 8-hour reference interval.
Accrual is per second, so four minutes of exposure pays four minutes of carry. This is the specification: no deployed contract accrues it yet. FR-BASIS engine
Using the spread
| Use | When | Position | |
|---|---|---|---|
| Capture carry | ΔFR is positive: native funding is rich to the reference venues. | Short FR-BASIS receives the spread; long pays it. | Open ticket |
| Hedge a carry book | You already run spot-perp carry across venues. | One position offsets the funding leg instead of four legs on two venues. | Open ticket |
| Trade a dislocation | Spreads widen around listings, unlocks and liquidation cascades. | Express the spread directly, with no spot delta. | Open ticket |