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Deribit Funding Rate

Deribit annualized funding rate

PropertyValue
CategoryMarket Data
Unit%
Resolution1d
AssetsBTC
TierPro
API EndpointGET /v1/funding/exchange
Fieldannualized_apr

Overview​

Annualized perpetual funding rate on Deribit, the dominant cryptocurrency options and derivatives exchange. While better known for its options market (~90% of crypto options volume), Deribit also operates a significant BTC perpetual futures market favored by sophisticated traders and market makers.

How Deribit Calculates Funding Rate​

Deribit uses a continuous funding model, unique among major exchanges:

Funding Rate = clamp((Mark Price − Index Price) / Index Price, −cap, +cap)

  • Continuous settlement: Unlike most exchanges that settle every 8 hours, Deribit accrues funding continuously — every millisecond. The funding payment is integrated over time, meaning positions are constantly being adjusted.
  • Mark Price: Deribit uses its own mark price algorithm incorporating the order book, recent trades, and the index price.
  • Index Price: Multi-exchange spot composite.
  • No fixed interest rate component: Deribit's formula is purely premium/discount-based, without the fixed 0.01% interest rate used by Binance/Bybit/OKX.

For cross-exchange comparison, Blocklens converts Deribit's continuous rate to an 8-hour equivalent.

Interpretation​

  • Deribit funding tends to be more stable and less prone to spikes due to continuous settlement — there is no "funding time" where traders rush to close positions
  • Lower funding rate volatility reflects Deribit's institutional user base (market makers, option hedgers)
  • When Deribit funding diverges significantly from CEX funding, it often signals sophisticated money moving differently from retail
  • Deribit's lack of fixed interest component means its rate more purely reflects supply/demand imbalance

Use Cases​

  • Smart money signal: Deribit's institutional user base means its funding rate reflects more sophisticated positioning
  • Comparing Deribit (continuous settlement, institutional) vs Binance (8h settlement, mixed retail/institutional) reveals market structure insights
  • Identifying when option market makers are hedging directionally (shifts Deribit perp funding)
  • Monitoring the cost of delta hedging for options positions on the primary crypto options venue

API Usage​

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/funding/exchange?exchange=deribit&start_date=2024-01-01&end_date=2024-12-31&limit=365"