Positive and negative funding
A positive funding rate means longs generally pay shorts at settlement. A negative rate reverses that direction, although exchange-specific caps and calculation windows still apply.
Funding is not the same as trading commission. It is a periodic derivatives cash flow and can change before the next settlement.
Annualization formula
Annualizing makes markets with 4-hour, 8-hour or variable intervals easier to compare, but it assumes the current rate repeats unchanged.
When the interval is unavailable, AHAEM displays Unavailable rather than assuming every contract settles every eight hours.
Annualized Rate = Funding Rate × (24 ÷ Interval Hours) × 365
What the comparison does not tell you
A snapshot does not predict future funding, basis, liquidity, slippage or liquidation risk.
Use the source timestamp and interval beside every rate. If either is missing, do not compare it as a precise annual yield.