> ## Documentation Index
> Fetch the complete documentation index at: https://docs.tangerine.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Funding Rates

> Cross-platform funding rate comparison and arbitrage spotting

## Overview

The **Funding Rates** page (`/funding`) shows live funding rates across all integrated platforms for every available market. It's the fastest way to:

* Find markets where you get paid to hold a position (positive funding for shorts, negative for longs)
* Spot cross-platform funding rate spreads where the same coin pays meaningfully differently on two exchanges
* Compare annualized rates to understand the real cost of holding a position long-term

***

## Reading the Table

Each row represents a market/coin. The columns show:

| Column      | Description                                                     |
| ----------- | --------------------------------------------------------------- |
| Market      | Coin ticker (e.g. BTC, ETH, SOL)                                |
| Hyperliquid | Current 8h funding rate on Hyperliquid                          |
| Aster       | Current 8h funding rate on Aster                                |
| Lighter     | Current 8h funding rate on Lighter                              |
| Spread      | Difference between the highest and lowest rate across platforms |

Rates are displayed as **8h rate** (the amount paid per 8-hour funding period) and **annualized** (rate × 3 × 365).

***

## How Funding Rates Work

Perpetual futures use a **funding rate mechanism** to keep the contract price anchored to the spot price:

* If the perp price is above spot → **positive funding** → longs pay shorts
* If the perp price is below spot → **negative funding** → shorts pay longs

Funding is typically settled every 8 hours. A rate of +0.01%/8h means longs pay shorts 0.01% of their position size every 8 hours — roughly +10.95% annualized.

***

## Funding Arbitrage

When the same coin has meaningfully different funding rates on two platforms, there's a **funding arbitrage opportunity**:

1. Go long on the platform with the lower (or more negative) rate
2. Go short on the platform with the higher (or more positive) rate

The net position is delta-neutral (no directional exposure) and earns the spread between the two funding rates.

<Warning>
  Funding arb carries execution risk, liquidation risk on both legs, and transaction costs. It is not risk-free. Always account for fees and minimum viable spread before entering a funding arb trade.
</Warning>

***

## Sorting and Filtering

* Click any column header to sort by that platform's current rate
* Use the search bar to filter to a specific coin
* Toggle the **Annualized** switch to display rates as annual percentages instead of 8h rates

***

## Refresh Rate

Funding rates are fetched from each platform's public API. The page refreshes automatically every 30 seconds. The timestamp of the last update is shown in the top-right corner of the table.