Perp Funding Costs and Venue Scores (2026)
Short answer: This list uses an editorial venue-level liquidity score. It does not rank funding rates or predict carry costs. Compare funding for your asset and position direction.
Perp Funding Costs and Venue Scores — ranked by editorial venue liquidity score
| # | Protocol | Editorial venue liquidity score | Fee model | Max lev | Rating |
|---|---|---|---|---|---|
| 1 | Hyperliquid | 9.5/10 | 0.015% / 0.045% | 40x | 9.2/10 |
| 2 | dYdX | 9/10 | 0.01% / 0.05% | 50x | 9/10 |
| 3 | GMX | 8.5/10 | 0.04% or 0.06% when opening and again when closing; rate depends on whether the action improves or worsens pool imbalance | 100x | 8.5/10 |
| 4 | tradeXYZ | 8.5/10 | 0.03% / 0.09% | 50x | 7/10 |
| 5 | Jupiter Perps | 8/10 | 0.06% when opening and again when closing; base position fee; price impact, borrowing, swap, and network costs are separate | 250x | 8.3/10 |
| 6 | Orderly Network | 8/10 | 0% / 0.03% | 50x | 7.8/10 |
| 7 | Lighter | 7.5/10 | 0% / 0% | 50x | 7.5/10 |
| 8 | Apex Omni | 7.5/10 | 0.02% / 0.05% | 100x | 8/10 |
| 9 | Bluefin | 7.5/10 | 0.01% / 0.035% | 50x | 8/10 |
| 10 | Aster | 7/10 | 0% / 0.04% | 200x | 7.5/10 |
| 11 | EdgeX | 7/10 | 0.04% / 0.045% | 100x | 7.5/10 |
| 12 | Paradex | 7/10 | 0% / 0% | 50x | 7.5/10 |
Ranked from the PerpFinder venue registry. Open a venue review for its recorded review date. For order-book venues, the cost comparison tool estimates the trading fee, half-spread, and slippage. Funding costs are separate. Check funding rates for the market and holding period.
What this venue score measures
The table sorts venues by PerpFinder's editorial venue-level liquidity score. It uses the recorded score in each venue review. The score does not measure a funding rate, predict the next payment, or establish the cost of holding a position.
Use the funding comparison for rate observations and the execution-cost tool for entry costs. Compare the same asset, position direction, and timestamp across venues.
How to compare funding costs
Check whether each observation is a current, predicted, or realized rate. Check its interval before comparing values. The funding methodology explains these rate types and how PerpFinder normalizes them.
A positive rate and a negative rate have different effects on a long or short position. Check which side pays under the venue's rules. Include the holding period when you estimate the payment.
Treat a missing or stale rate as unavailable. Do not replace it with zero or assume that a venue with a higher editorial score has a lower rate.
An illustrative funding calculation
Assume a $50,000 position pays a fixed funding rate of 0.005% per hour for 24 hours. The assumed payment is $50,000 × 0.00005 × 24 = $60. This is an arithmetic example, not an observed venue rate or a forecast.
A future payment changes if the applicable rate, notional, or holding period changes. Use realized funding records when you need to calculate payments that already occurred.
Keep entry costs separate
For an order-book trade, PerpFinder's entry-cost model adds the trading fee, half-spread, and slippage beyond the best quote. That model excludes funding for the holding period. The cost methodology explains its scope and limits.
Pool-based venues use different fee and execution models. Read the venue's fee explanation before comparing its opening charge with an order-book estimate. Borrowing, funding, and other charges can be separate.
Use the score as context
Open a venue review to read the reasons behind its editorial score. Use the actual market data to compare the trade you plan to make. Neither a venue score nor one funding observation establishes a persistent cost advantage.