Perpetual futures never expire — so exchanges pin them to spot with a small recurring payment called the funding rate. When funding is positive, longs pay shorts; when negative, shorts pay longs. It is one of the cleanest crowd-sentiment gauges in crypto, and most sites hide it behind a paywall or a slow, ad-cluttered dashboard. So I built a lightweight live board that tracks it across two major venues — and it is now running on this site.
What the Perp Board shows
Every two minutes the monitor pulls the public market-data endpoints of Binance USD-M and Bybit linear perpetuals (roughly 1,600 markets combined) and keeps the top 40 by 24h volume per venue: funding rate, next funding time, mark price, open interest and volume — sortable and filterable per exchange.
What the data says right now
A few things stand out in the current snapshot:
- The crowd is leaning long, but not uniformly. Across the tracked markets, 54 rows show positive funding against 33 negative — a mildly long-biased tape rather than a euphoric one.
- ETH is the exception. Funding is negative on both venues (Binance −0.009%, Bybit −0.012%) while BTC sits slightly positive (+0.008% / +0.002%) — shorts are currently paying to hold ETH perps, which is the opposite of the usual majors pattern.
- CVC funding is at −0.81%. That is a heavily crowded short — shorts paying over 0.8% every funding interval is the kind of pressure that historically precedes squeezes.
- Same symbol, different crowd. The T perp shows −0.153% funding on Binance versus −0.002% on Bybit — a 15× difference in positioning between venues on the identical instrument. Cross-venue funding divergence is exactly the sort of thing a single-exchange view cannot show you.
Why two venues instead of one
Funding is set per exchange, per contract — the same symbol can carry opposite signs on different venues when their trader bases position differently. Watching the same market on two exchanges side by side surfaces divergences that aggregate sites smooth away, and it doubles as a data-quality check: when two venues disagree wildly, one of them is telling you something about who trades there.
Honest limits
- The board shows the last settled funding rate. Predicted rates for the next interval are a separate data point and will come in a later version.
- Funding is a sentiment gauge, not a timing signal — extreme readings can stay extreme longer than a position can stay solvent.
- Open interest is shown for the top Binance markets and all listed Bybit markets; coverage will widen as the monitor’s history grows.
The monitor stores every snapshot locally, so over the coming weeks it will also answer the questions a live table cannot: which symbols habitually run extreme funding, how funding regimes flip around big moves, and whether Binance and Bybit crowds systematically position differently. Those numbers will become posts — same as the wash-trading fingerprint analysis and the MEXC vs Gate tape comparison did.
