Perpetual futures look simple because they do not have an expiry date, but funding rates make every held position a cost decision. CoinGlass tracks BTC funding rates across exchanges and explains that rates are generally settled on recurring intervals such as eight hours, four hours or one hour depending on the venue.
Positive funding usually means longs pay shorts; negative funding usually means shorts pay longs. The number can look small for one interval, but it compounds over time and can become meaningful for leveraged positions. A trader who is correct on direction but careless about funding can still give up a large part of the expected edge.
The bigger issue is crowding. When funding is persistently high, it often signals that leveraged long demand is crowded. That does not mean price must fall immediately, but it does mean liquidation risk can rise if spot buying does not keep pace. When funding flips sharply negative, the opposite risk appears: shorts may be crowded and vulnerable to squeeze behavior.
A practical routine is to check funding before entry, again before each settlement window and once more before deciding to hold overnight or through a weekend. If the trade depends on a long holding period, funding should be written into the expected return just like fees and slippage.
Sources: CoinGlass BTC funding-rate dashboard; CoinGlass funding-rate explainer; Binance Futures Trading Risk Control.
Risk notice: Perpetual futures are leveraged instruments. Funding, liquidation rules and liquidity can change quickly, and this article is education rather than trading advice.
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