Live OPEN perpetual funding across venues. Best venue: Binance at 11.0% annualized.
OPEN trades as a tokenized US equity perpetual. The contract runs 24/7 while the cash market is closed, so the premium, and therefore the funding rate, can move sharply outside US hours.
| Exchange | Rate / period | Annualized | 24h volume | |
|---|---|---|---|---|
| Binance | 0.0050% | 11.0% | $1.8M | Trade |
Buy the spot token and short the perpetual on the same venue. The hedge removes price exposure and the funding payment becomes the return. Round-trip fees of roughly 0.32% mean the position needs the rate to hold for a while to be worth opening.
The perpetual has to price a 24/7 market for an asset that only trades during US hours. Overnight and at weekends the contract carries all of the price discovery, so the premium between perp and spot widens, and the funding rate that follows it can be several times what a large crypto pair pays. Traders who want short exposure and cannot short the share itself often use the perp, which pushes the rate further.
No. It is a perpetual swap payment between longs and shorts on the venue, calculated from the premium between the contract and the index. It has nothing to do with dividends, borrow fees or the share itself.
The contract keeps trading while the cash market is closed. The premium can widen sharply and funding follows, which is one reason rates on tokenized equities look so much higher than on major crypto pairs.
At least a few million dollars of 24 hour turnover for the size you plan to use. Below that the quoted rate is often a snapshot of an empty book.
Weekend and holiday gaps, thin order books, issuer and custody risk, and the chance that the venue suspends the contract. Compare with the underlying share price before sizing anything, and treat any rate above 100% annualized as a signal that something unusual is happening rather than free money.