Funding Rates › Briefing › 2026-10-25
Perp Funding Briefing — 2026-10-25 (UTC)
The widest liquid gap to the cross-venue median was Aster on CASHCAT: 0.2734% per 8h against a median of 0.0190% (+25.43 bps). 76 liquid venue rates moved by 3 bps or more per 8h since 2026-10-24; the largest was Hyperliquid on ALT, -1.9379% to -0.3014% (+163.65 bps). No new HIP-3 markets since 2026-10-24; 4 dexes and 164 markets are listed. The largest reported open interest was BTC on Hyperliquid, $3.45B.
Built from the snapshot of , the first cron run of the UTC day. All text is generated from stored numbers with fixed templates. Material-change score 21 (threshold 12): 0 new HIP-3 markets, 0 new dexes, 76 movers, 8 changes in the top-10 deviations, 3 in the top-10 open interest. Each part counts at most 10. Method.
1. Funding deviations
The 10 largest gaps between a venue's 8h funding rate and the coin's cross-venue median, liquid legs only ($1M open interest screen, same as the deviation page). 611 legs were ranked.
| # | Coin | Venue | Venue 8h | Median 8h | Deviation | Venues |
|---|---|---|---|---|---|---|
| 1 | CASHCAT | Aster | 0.2734% | 0.0190% | +25.43 bps | 6 |
| 2 | AERO | Hyperliquid | -0.0491% | 0.0046% | -5.37 bps | 7 |
| 3 | CHIP | OKX | -0.0446% | 0.0032% | -4.77 bps | 6 |
| 4 | FIL | Lighter | -0.0376% | 0.0100% | -4.76 bps | 7 |
| 5 | GRAM | Bybit | -0.0671% | -0.0241% | -4.29 bps | 8 |
| 6 | JTO | Lighter | -0.0272% | 0.0100% | -3.72 bps | 7 |
| 7 | CASHCAT | Lighter | 0.0560% | 0.0190% | +3.70 bps | 6 |
| 8 | BERA | Lighter | 0.0096% | -0.0252% | +3.48 bps | 6 |
| 9 | OP | Hyperliquid | -0.0337% | -0.0010% | -3.28 bps | 7 |
| 10 | ATOM | Hyperliquid | -0.0463% | -0.0139% | -3.24 bps | 6 |
2. Movers
Largest change in 8h funding per liquid coin and venue against the previous UTC day's stored digest. 696 legs compared; 76 moved by 3 bps or more.
| Coin | Venue | 8h on 2026-10-24 | 8h now | Change |
|---|---|---|---|---|
| ALT | Hyperliquid | -1.9379% | -0.3014% | +163.65 bps |
| SOFTBANK | Hyperliquid (xyz) | 0.1459% | -0.1642% | -31.00 bps |
| PURRDAT | Hyperliquid (xyz) | 0.0854% | 0.3874% | +30.21 bps |
| SHAZ | Hyperliquid (xyz) | 0.2912% | -0.0048% | -29.60 bps |
| EWZ | Hyperliquid (xyz) | 0.2503% | 0.0244% | -22.59 bps |
| SMSN | Hyperliquid (xyz) | 0.1839% | -0.0026% | -18.65 bps |
| GRAM | Lighter | -0.1816% | 0.0016% | +18.32 bps |
| SKHX | Hyperliquid (xyz) | 0.1274% | -0.0207% | -14.81 bps |
| ZHIPU | Hyperliquid (xyz) | 0.1320% | -0.0040% | -13.59 bps |
| CASHCAT | Aster | 0.1547% | 0.2734% | +11.87 bps |
3. Open interest leaders
Only venues that report open interest are ranked: Hyperliquid, Hyperliquid (mkts), Hyperliquid (xyz), dYdX. Venues that report none are absent from this table.
| # | Coin | Venue | Open interest | Previous day | Change |
|---|---|---|---|---|---|
| 1 | BTC | Hyperliquid | $3.45B | $3.61B | -4.5% |
| 2 | ETH | Hyperliquid | $2.61B | $2.57B | +1.6% |
| 3 | HYPE | Hyperliquid | $1.62B | $1.62B | +0.5% |
| 4 | SOL | Hyperliquid | $564.4M | $554.2M | +1.9% |
| 5 | ZEC | Hyperliquid | $552.4M | $534.1M | +3.4% |
| 6 | SKHX | Hyperliquid (xyz) | $308.1M | $312.0M | -1.2% |
| 7 | NEAR | Hyperliquid | $277.6M | $320.1M | -13.3% |
| 8 | XRP | Hyperliquid | $220.8M | $225.2M | -1.9% |
| 9 | MU | Hyperliquid (xyz) | $158.2M | $152.6M | +3.7% |
| 10 | SPCX | Hyperliquid (xyz) | $150.2M | $151.9M | -1.1% |
4. New HIP-3 markets
No market was added since 2026-10-24. 4 dexes and 164 markets are listed.