{"slug":"funding-rates-versus-investor-returns","reviewed":"2026-10-20","observationPeriod":"2025-01-01/2025-12-31","kind":"empirical","sourceFingerprints":[{"label":"BTC Binance USDT perpetual funding archive","sha256":"349e6d119b9edff5a6ce15b6e4c87c6081eb7e0622fad697cde38a67038b7a46"},{"label":"ETH Binance USDT perpetual funding archive","sha256":"a120ff1e10063b09a63b58bc89a150244330fe307dac5c61ae359e2961053764"},{"label":"SOL Binance USDT perpetual funding archive","sha256":"42576c74d53dd07e0ee610749f4a4af324fdbaeb8d5c9ed1a5b807ecf02ad0a3"},{"label":"BNB Binance USDT perpetual funding archive","sha256":"d76b4930ddf5c6a0f1539182c03b7e7494ce821dab1532ed197dc4808be57b2f"}],"title":["Perpetual funding rates and annualized yield: a 2025 comparison","永续合约资金费率与年化收益：2025 年四币比较"],"summary":["Compare 2025 Binance perpetual funding rates for BTC, ETH, SOL and BNB. Funding-rate totals differ from account returns and guaranteed annual yield.","比较 2025 年 BTC、ETH、SOL、BNB 的 Binance 永续资金费率，区分累计费率、账户收益与保证年化的宣传。"],"relatedCoins":["bitcoin","ethereum","solana"],"relatedTopics":["market"],"table":{"caption":["Binance USDⓈ-M perpetual funding records; positive rates favour shorts before costs","Binance USDⓈ-M 永续资金费记录；正费率在费用前有利于空头"],"columns":[["Asset","币种"],["Settlements N","结算 N"],["Signed rate sum (%)","带符号费率之和（%）"],["Negative settlements (%)","负费率期数占比（%）"]],"rows":[["BTC","1095","5.1264","12.88"],["ETH","1095","4.9287","16.16"],["SOL","1095","0.3507","39.45"],["BNB","1095","-2.0849","18.08"]]},"figures":[],"methods":[{"heading":["One year, four different funding profiles","同一年，四种不同费率分布"],"paragraphs":[["We recalculated the calendar-year 2025 funding histories stored in an existing research cache. Each asset has 1,095 unique recorded settlements, from 1 January through 31 December UTC. The signed sums are BTC 5.1264%, ETH 4.9287%, SOL 0.3507% and BNB −2.0849%. These are sums of the published rates, not compounded or realised portfolio returns.","本文重新计算既有研究缓存保存的 2025 自然年资金费历史。每币有 1,095 条时间唯一的结算记录，覆盖 UTC 1 月 1 日至 12 月 31 日。带符号费率之和分别为 BTC 5.1264%、ETH 4.9287%、SOL 0.3507%、BNB −2.0849%。这是公布费率的加总，不是复利收益或已实现组合收益。"],["BNB illustrates why frequency and amount must be separated. Only 18.08% of its recorded settlements have a negative rate, yet the yearly sum is negative. The size of negative observations can outweigh a larger number of positive or zero observations. SOL’s rate sum is close to zero despite many positive settlements.","BNB 说明频率与金额必须分开：负费率期数占比仅 18.08%，全年合计却为负。负值的幅度可能超过较多的正值或零值；SOL 即使有很多正费率结算，全年费率之和也接近零。"]]},{"heading":["The denominator determines the meaning","分母决定收益的含义"],"paragraphs":[["At each settlement, funding cash flow depends on the applicable signed rate and the position’s settlement notional. Account return divides the resulting cash flows and all other profit or loss by the relevant invested capital. Summing rates assumes a constant notional for interpretation; a real position’s notional can change with price or quantity.","每次结算的资金费现金流取决于当期带符号费率与仓位结算名义金额。账户收益则要把这些现金流以及其他全部盈亏，除以对应投入资本。费率加总只有在固定名义口径下才便于解释，真实仓位名义金额会随价格或数量变化。"],["Margin, collateral and any spot inventory also occupy capital. Fees, spread, market impact, basis changes and collateral valuation can affect account results. A rate quoted relative to contract notional cannot be relabelled as a return on total capital without stating these components.","保证金、抵押品和可能持有的现货都会占用资本。手续费、价差、冲击、基差变化与抵押品估值都会影响账户结果。不说明这些组成部分，就不能把相对合约名义金额的费率改称总资本收益率。"]]},{"heading":["Funding is a market price, not a guaranteed yield","资金费是市场价格，不是保证收益"],"paragraphs":[["Positive funding generally means longs pay shorts; negative funding reverses that direction. The sign and magnitude vary with contract demand and the venue’s rules. A short settlement sample annualised into a headline yield can conceal negative periods, concentration in a few observations and changes in settlement schedules.","正资金费通常表示多方向空方支付，负资金费则反向支付。方向与幅度会随合约供需和交易所规则变化。把很短的结算样本年化成醒目收益率，可能掩盖负费率阶段、少量观测的集中贡献以及结算安排变化。"],["The table uses a complete past calendar year to avoid presenting a recent run of favourable rates as an enduring return. It is not a forecast. Comparisons across years should use the actual recorded settlement schedule and distinguish missing records from zero rates.","本文使用一个已结束的自然年，避免把近期一段有利费率当成持久收益，但它仍不是预测。跨年比较应使用实际结算安排，并区分缺失记录与零费率。"]]},{"heading":["How to read funding claims responsibly","如何阅读资金费收益说法"],"paragraphs":[["Ask which venue and contract supplied the data, whether the rate is observed or predicted, how much capital is in the denominator, and whether costs and negative payments are included. Funding income can coexist with trading losses or liquidation risk. No entry condition, position-sizing rule, leverage choice or execution method is supplied here.","阅读相关说法时，应核对数据来自哪个交易所和合约、费率是已结算还是预测值、分母包含多少资本，以及是否纳入成本与负向支付。收到资金费仍可能伴随交易损失或清算风险。本文不提供入场条件、仓位规则、杠杆选择或执行方法。"]]},{"heading":["What is a crypto perpetual funding rate?","加密永续合约资金费率是什么？"],"paragraphs":[["Funding is a periodic payment between perpetual long and short positions under the venue’s settlement terms. Its direction can change. A rate is not the same as a return on all capital required to maintain a position.","资金费是永续多空持仓之间按交易所条款进行的周期结算，支付方向可能变化。费率不等于维持持仓所需全部资本的收益率。"]]},{"heading":["Can annualized funding rates predict a guaranteed yield?","资金费率年化能代表保证收益吗？"],"paragraphs":[["No. Annualizing a short interval assumes a rate continues; actual funding, position value, fees and margin needs can change. The historical comparison reports recorded settlements rather than a guaranteed investment return.","不能。把短期费率年化，隐含费率持续的假设；实际资金费、持仓价值、费用及保证金需求都可能变化。本文比较已记录结算，不提供保证投资收益。"]]}],"limitations":["The rate histories were checked for unique timestamps and finite values and their counts were reconciled for the year. They were not newly fetched from the exchange. No account ledger, actual fees, trade fills or strategy performance is published or inferred.","本文检查费率时间唯一、数值有限，并核对全年记录数量；没有从交易所重新拉取历史。不公布或推断账户账本、实际费率、成交记录及策略表现。"],"sources":[{"title":["Binance funding-rate history documentation","Binance 历史资金费率文档"],"url":"https://developers.binance.com/en/docs/catalog/core-trading-derivatives-trading-usd-s-m-futures/api/rest-api/market-data"}]}