> For the complete documentation index, see [llms.txt](https://docs.proliquid.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.proliquid.xyz/features/funding-rates-and-perp-opportunities.md).

# Funding

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

Use Proliquid Funding to compare crypto funding rates, open interest, volume, and max-arb spreads across Hyperliquid, Binance, Bybit, and OKX.

Funding research links back into Terminal, so you can move from cross-exchange context to 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 Hyperliquid, Binance, Bybit, and OKX 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 the selected Hyperliquid, Binance, Bybit, and OKX markets.                                                  | Prefer opportunities with enough open interest to support your size.              |
| Cumulative volume        | Combined recent trading volume across the selected Hyperliquid, Binance, Bybit, and OKX markets.                                                      | 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 one or more of Hyperliquid, Binance, Bybit, and OKX 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 [app.proliquid.xyz/funding](https://app.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) and select the trading account for the venue you plan to trade.

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).


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.proliquid.xyz/features/funding-rates-and-perp-opportunities.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.