About this Chart

The floating leg of a Boros swap: the funding rate the underlying perpetual actually paid, derived by differencing each market's funding index. Shown as an APR.

Sign. Positive funding means longs pay shorts on the underlying perp; negative means shorts pay longs. Both occur regularly.

Grain. Funding belongs to the perpetual, not to the Boros contract, so every maturity of one exchange-and-asset pair reports the same rate. Exchange x Asset is therefore the finest meaningful grain, and Total, Asset and Exchange aggregate upward from it.

Weighting. The aggregates are open-interest-weighted, so a small market cannot move the number as much as a large one. Ticker variants of one physical asset are folded first, so crude oil, gold and silver each read as a single asset rather than as several separate contract codes.

A market that did not trade carries its last value forward, so a flat segment means nobody transacted at a different rate.