◇ GLOSSARY
Funding rate history
A time series of past funding payments on a contract, usually shown as an hourly or 8-hour rate and often annualized for comparison. It tells you what carry actually cost during prior regimes — not what the next print will be.
Dashboards show the current funding rate in big type and bury history in a chart. That chart is where the real carry story lives. A coin can print +0.01%/h for two weeks, flip negative for a weekend flush, then settle back positive — your 30-day hold paid the average, not today's headline.
History also exposes venue differences. Hyperliquid's hourly ledger can look noisier than an 8-hour CEX average even when annualized carry is similar. Compare like intervals, or annualize explicitly, before you call one venue cheap.
Use history to stress your P&L model, not to predict the next interval. Funding mean-reverts toward basis, but crowding and liquidations can keep a punitive regime alive longer than a spot holder expects.