Backpack Funding Rate (BP)

The BP funding rate is a periodic payment between long and short traders on Backpack perpetual futures, designed to keep the contract price anchored to the spot index. When the rate is positive, longs pay shorts; when negative, shorts pay longs. It is the main ongoing cost (or income) of holding a leveraged BP perpetual position.

A persistently positive BP funding rate signals crowded long positioning and bullish sentiment — longs keep paying to stay in the trade. A negative rate signals short-side dominance and bearish sentiment. Extreme funding rates in either direction often indicate an overcrowded trade and raise the risk of a sharp reversal or short squeeze/long squeeze.

As of now, the BP funding rate averages 0.0050% across 4 exchanges CoinBoss tracks, and the rate is positive. This figure updates in real time — check the table above for the latest per-exchange breakdown and the OI-weighted composite rate.

Right now bybit shows the highest (or most extreme) BP funding rate among tracked exchanges, at 0.0050%. Funding rates can vary meaningfully across exchanges due to differences in order-book premium, index price and leverage demand — creating potential funding rate arbitrage opportunities.