# Funding

<figure><img src="/files/LP9CLb3uv6VrxvUnc7hE" alt="Funding tab comparing funding rates, open interest, and volume across exchanges."><figcaption><p>Funding tab comparing funding rates, open interest, and volume across exchanges.</p></figcaption></figure>

Use Proliquid Funding to compare crypto funding rates, open interest, volume, and max-arb spreads across supported exchanges.

Funding research links back into Terminal, so you can move from cross-exchange context to Hyperliquid position planning without rebuilding the setup elsewhere.

## What the data means

| Metric                   | What it means                                                                                                      | What to check next                                                                |
| ------------------------ | ------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------- |
| Funding rate             | Periodic payment between long and short perpetual positions. Positive or negative rates show which side is paying. | Check whether the rate is persistent or only a short-lived spike.                 |
| Daily projection         | Estimate of what the current funding rate would imply over a day if it stayed unchanged.                           | Treat it as a comparison value, not a guarantee.                                  |
| Annualized projection    | Daily projection scaled to a yearly value. Useful for ranking spreads, but very sensitive to rate changes.         | Do not size a trade from annualized rate alone.                                   |
| Max arb                  | The largest visible funding spread between selected exchanges, including which venue to long and which to short.   | Confirm you can trade both venues and that fees/slippage do not erase the spread. |
| Cumulative open interest | Combined outstanding perp exposure across supported exchanges.                                                     | Prefer opportunities with enough open interest to support your size.              |
| Cumulative volume        | Combined recent trading volume across supported exchanges.                                                         | Low volume can make funding spreads difficult to execute cleanly.                 |

## Funding tooltips

<div align="left"><figure><img src="/files/T0Q3hymrdiOxsQYgKVfI" alt="Funding tooltip with daily and annualized projections for a selected rate."><figcaption><p>Funding tooltip with daily and annualized projections for a selected rate.</p></figcaption></figure></div>

Hover a funding rate to see daily and annualized projections based on the current rate.

## Max arb

<div align="left"><figure><img src="/files/bKQeMBbUJABRsv4hvVut" alt="Max arb tooltip showing long and short venues for a funding spread."><figcaption><p>Max arb tooltip showing long and short venues for a funding spread.</p></figcaption></figure></div>

Hover `max arb` to see the long venue, short venue, and estimated daily / annualized return for the current spread. Check liquidity, fees, and venue access before sizing a setup.

## Exchange selection

<div align="left"><figure><img src="/files/XiMJRL6mGeqHM6ViM9CX" alt="Funding exchange selector for limiting arbitrage calculations to tradable venues."><figcaption><p>Funding exchange selector for limiting arbitrage calculations to tradable venues.</p></figcaption></figure></div>

Use the topbar to select the exchanges where you can actually trade. Proliquid calculates max-arb opportunities only from the selected exchanges, so the output matches your venue access.

You can adjust the default exchange set from [Funding settings](/settings/funding.md).

## Typical workflow

1. Open [proliquid.xyz/funding](https://www.proliquid.xyz/funding).
2. Filter exchanges to the venues you can trade.
3. Sort or scan for high funding and high open interest.
4. Open the market in [Terminal](/features/hyperliquid-trading-terminal.md) when the Hyperliquid side is part of your plan.

Related: [Trading fundamentals](/getting-started/trading-fundamentals.md), [Fees and trading costs](/getting-started/hyperliquid-trading-fees-and-proliquid-builder-fees.md), and [Positions](/terminal-sections/positions.md).


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