Funding–term spread
Spread between BTC perp funding (annualised) and the selected reference term lending rate, at matched tenor.
Latest reading
30d window. Baked at build time and refreshed live on load. Historical series and alternative windows are available over the API.
What it measures
Spread between BTC perp funding (annualised) and the selected reference term lending rate, at matched tenor.
Cost of leveraged BTC long exposure via derivatives.
How it is computed
Funding–term spread = BTC perp funding (annualised, tenor) − rate(reference, tenor). Positive means leverage costs more than term borrowing. Negative means inversion.
Available windows: 7d, 14d, 30d, 90d. Default: 30d. The window is the maturity being priced — "90d" is the 90-day point on the curve, not a span of history.
How to read it
Above +15% the spread signals late-cycle leverage excess — perps wildly expensive against term credit. Below zero (inversion) the derivatives market is bearish while the term credit market prices stability, which is a significant divergence signal.
Use it programmatically
This indicator is available over the REST API and to AI agents over the Model Context Protocol. The methodology above is the whole of it — there is no proprietary adjustment layer between the inputs and the number.
Informational purposes only — not financial advice or a recommendation.