Filecoin (FIL) Perpetual Futures

The open-interest-weighted FIL funding rate is +0.0016% per 8 hours, or +1.75% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0114% on Kraken to +0.0100% on WhiteBIT. Compare all funding rates.

FIL perpetual open interest is $198.00M (217.78M FIL), up 4.43% in 24 hours. Binance holds the most at $65.69M. That is 25.95% of Filecoin's market cap.

Filecoin is a peer-to-peer network for storing files, built by Protocol Labs, the team behind IPFS. Clients pay storage providers in FIL, and providers must regularly prove on chain that they still hold the data. FIL is also used for network fees and as collateral that providers lock up.

Filecoin perps traded $236.58M in the last 24 hours, +0.54% on the day before. Binance leads with 39%, followed by OKX ($44.40M) and BingX ($14.00M).

Over the last 24 hours 47.6% of accounts are long and 52.4% short, a long/short ratio of 0.91. See the long/short ratio by exchange.

IPFS is an open protocol for addressing and sharing content, and Filecoin adds an economic layer on top of it. IPFS alone gives no guarantee that anyone keeps a file available, while Filecoin pays providers in FIL to store data and penalises them when they fail storage proofs.

Storage providers earn rewards in FIL but pay for hardware, power and hosting in fiat, so a falling FIL price squeezes their margins. A short perp position can offset some of that price risk while their tokens stay pledged as collateral. Speculators take the other side, using leverage to bet on storage demand.

$603.9K of FIL positions were liquidated in 24 hours, $557.0K longs and $46.9K shorts. Binance saw the most at $136.0K. See liquidations across the market.

FIL tends to move with demand for decentralised storage, with the DePIN and AI data narratives, and with the overall direction of the crypto market. Block rewards paid to providers add steady supply, while FIL locked as collateral reduces the amount free to trade.

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

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

FIL perps trade on 13 tracked exchanges. By volume the largest are Binance, OKX and BingX. 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.