Bitcoin (BTC) Perpetual Futures

The open-interest-weighted BTC funding rate is +0.0007% per 8 hours, or +0.76% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0046% on Gate to +0.0086% on Hyperliquid. Compare all funding rates.

BTC perpetual open interest is $52.40B (625,520 BTC), up 0.71% in 24 hours. Binance holds the most at $10.91B. That is 3.11% of Bitcoin's market cap.

It depends on the exchange and your position size. BTC usually gets the highest leverage of any perp on a venue, and the maximum drops in tiers as a position grows. High leverage puts the liquidation price very close to entry, so a small move against you can close the position.

Bitcoin perps traded $48.95B in the last 24 hours, -22.59% on the day before. Binance leads with 24%, followed by OKX ($6.64B) and Gate ($6.33B).

Over the last 24 hours 48.8% of accounts are long and 51.2% short, a long/short ratio of 0.95. Taker volume over the last 4 hours is 46.5% buy and 53.5% sell. See the long/short ratio by exchange.

Yes. Bitcoin perps trade 24/7, including weekends and holidays. Liquidity is usually thinner on weekends and the CME futures market is closed, so spreads can widen and sharp moves can trigger more liquidations than on a weekday.

CME Bitcoin futures expire on set dates and converge to a reference price at settlement. Perpetuals have no expiry and use funding payments to stay close to spot, so you can hold a position for as long as your margin allows. CME trades in set sessions, while perps trade around the clock.

$32.88M of BTC positions were liquidated in 24 hours, $7.01M longs and $25.86M shorts. Binance saw the most at $74.06M. See where liquidations cluster.

Spot Bitcoin ETFs buy or sell BTC as investors add or withdraw money, which moves the spot price that perps track. Days of strong ETF buying often come with rising open interest and positive funding as perp traders follow the trend. Check the Bitcoin ETF tracker for daily fund activity.

BTC perpetual futures are derivatives contracts that track the price of BTC and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any BTC.

Funding is a payment between longs and shorts. When BTC perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

BTC perps trade on 16 tracked exchanges. By volume the largest are Binance, OKX and Gate. Compare fees and features on the best perpetual exchanges.

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.