Tool: get_funding_and_oi
get_funding_and_oi returns the daily funding rate and open interest for BTC or
ETH, back to 2021.
A positive rate is what longs PAY
Funding is the payment that keeps a perpetual’s price near spot. Positive
funding means longs pay shorts.
So sustained positive funding is the running cost of holding the long side — and
the figure to set against any yield a delta-neutral position claims to earn,
because that yield usually is funding, collected on the short leg.
The share of negative days is the tail risk of the carry trade: a position
built to collect funding loses money in exactly the periods when everybody wants
to be short.
Two venues, never averaged
Binance and Bybit are read separately and both reported. They agree closely —
correlation around 0.85 on BTC — and where they do not, that disagreement is
the reading. An average would hide precisely the days worth knowing about.
Bybit has run about a point higher than Binance over the series. Quote whichever
venue the position would actually trade on, not a blend.
A missing series is not a zero
Open interest comes from a per-symbol daily archive that begins 2021-01-01, and
some symbols are not in it. When one is absent the answer says so:
This matters more than it looks. An open interest of zero is a claim about the
market — that nobody holds a position — and it is never true. A silent zero read
as a reading is how an agent concludes something dramatic about positioning from
a hole in a data feed.
What comes back when it is there
Size in coins and in dollars, plus three ratios: top-trader long/short by
position size and by account count — which differ when a few large accounts
sit on one side — and taker buy/sell volume, which says who crossed the spread.
They describe what has already happened. They are positioning indicators, not
signals.