SUSHI Perpetual Futures

The open-interest-weighted SUSHI funding rate is +0.0110% per 8 hours, or +12.03% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0595% on Crypto.com to +0.0100% on Binance. Compare all funding rates.

SUSHI perpetual open interest is $14.18M (60.75M SUSHI), up 7.54% in 24 hours. Binance holds the most at $3.37M. That is 21.51% of Sushi's market cap.

SushiSwap is a decentralised exchange that lets users swap tokens through automated liquidity pools. It started as a fork of Uniswap in 2020 and later expanded to many blockchains. SUSHI is the protocol's governance token.

Sushi perps traded $14.27M in the last 24 hours, +2.46% on the day before. Binance leads with 39%, followed by BingX ($2.33M) and OKX ($1.36M).

Over the last 24 hours 48.4% of accounts are long and 51.6% short, a long/short ratio of 0.94. See the long/short ratio by exchange.

In 2020, SushiSwap offered SUSHI rewards to users who staked Uniswap liquidity tokens, then moved that liquidity into its own pools. The episode became known as a vampire attack and is one of the best-known events in early DeFi. It is widely seen as a push behind Uniswap launching its own token.

Both are governance tokens of automated market maker DEXs, with Uniswap the larger by trading volume and liquidity. SUSHI has a smaller market and thinner perps, so it often moves more on news. Some traders run pair trades between SUSHI and UNI perps.

$3.6K of SUSHI positions were liquidated in 24 hours, $2.9K longs and $634 shorts. Binance saw the most at $2.0K. See liquidations across the market.

SUSHI is a smaller DeFi token, so fewer traders hold large positions in it and liquidity concentrates on a handful of exchanges. That leads to wider spreads and faster funding swings than in major assets. Sudden protocol or governance news can move it sharply in either direction.

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

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

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