DeepBook (DEEP) Perpetual Futures

The open-interest-weighted DEEP funding rate is +0.0064% per 8 hours, or +6.98% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0156% on Gate to +0.0100% on Bybit. Compare all funding rates.

DEEP perpetual open interest is $11.47M (500.17M DEEP), down 11.23% in 24 hours. Bybit holds the most at $4.00M. That is 8.54% of DeepBook's market cap.

DeepBook is an on-chain order book protocol on Sui that matches buy and sell orders like a traditional exchange instead of using an automated market maker pool. Other Sui apps plug into it for liquidity. DEEP is the protocol token, used for fees, staking and governance.

DeepBook perps traded $22.12M in the last 24 hours, -67.41% on the day before. Binance leads with 39%, followed by BingX ($6.64M) and Bybit ($3.69M).

Over the last 24 hours 49.7% of accounts are long and 50.3% short, a long/short ratio of 0.99. See the long/short ratio by exchange.

An automated market maker prices trades from a pool formula, while DeepBook matches limit orders placed by buyers and sellers at specific prices. That gives market makers precise control over quotes and can mean tighter spreads, which suits professional trading on Sui's fast settlement layer.

DEEP is used to pay trading fees on DeepBook, and staking it in a pool can unlock lower fees and maker rebates. Staked holders also vote on pool parameters such as fee levels, so demand for the token is linked to trading activity on the protocol.

$40.8K of DEEP positions were liquidated in 24 hours, $35.7K longs and $5.2K shorts. Binance saw the most at $39.7K. See liquidations across the market.

DeepBook depends on activity on Sui, so its token tends to rise and fall with SUI and the wider Sui ecosystem. When Sui DeFi volume grows, more trading passes through DeepBook, and traders often treat DEEP as a higher-beta way to express a view on the chain.

DEEP perpetual futures are derivatives contracts that track the price of DEEP 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 DEEP.

Funding is a payment between longs and shorts. When DEEP 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.

DEEP perps trade on 8 tracked exchanges. By volume the largest are Binance, BingX and Bybit. 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.