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Rho Funding Index & Futures

Rho Labs aggregates funding rates for BTC and ETH across major exchanges into unified instruments, trackable & tradable on Rho X, a hybrid interest rate trading venue

Trade multiple markets at once

Track market sentiment

The Rho Funding Index combines funding from Binance, Bybit, and OKX into one institutional readout of leverage costs. These three venues together represent ~65–75% of global open interest in BTC and ETH perpetuals, which positions the Rho Funding Index as an effective real-time sentiment indicator

Streamlined Rates Trading

Take direct exposure to aggregated BTC and ETH funding with Rho Funding Futures. These contracts use the Rho Funding Index as the underlying and are priced and marked to the Index each funding cycle. Trade funding rates and run basis strategies smartly with one listed contract.

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Hedge your funding positions

Offset funding you pay or receive on perps across venues with one hedge. Use Rho Funding Futures to reduce cash flow variability on your perp portfolios and simplify Risk management.

Index Price

Check funding index for Bitcoin and Ethereum, OI-weighted across three major venues: Binance, Bybit, and OKX

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Open Interest

$1M

Trading Volume

$1B

How it works

Rho Funding Index Methodology

At each 8-hour cycle we take the prevailing funding rates for BTCUSDT and ETHUSDT from Binance, Bybit, and OKX, weight them by each venue’s USD open interest, and accumulate the weighted components.

$\displaystyle \text{Rho Funding Index}_t = \sum_{i} w_{i,t} \cdot FR_{i,t}$

$\displaystyle w_{i,t} = \frac{OI_{i,t}}{\sum\limits_{j} OI_{j,t}}$

where $FR_{i,t}$ is venue $i$'s 8-hour funding rate, and $OI_{i,t}$ is venue $i$'s USD open interest at time $t$.

Rho Funding Futures Mechanics

Rho BTC and ETH Futures are tradable on Rho X via an orderbook. Contracts list in standard monthly maturities (e.g., Nov, Dec), with final valuation at expiry based on Rho Funding Index mark

Simplify Funding Trading

Rho Funding Index benchmarks realized funding across exchanges. Rho Funding Futures let you trade your view on how the rate will evolve — a simple, unified tool for executing your funding-rate strategy

About Rho Labs

Rho Labs

Rho Labs is the developer of Rho Protocol—the world's first cryptonative rates trading market, launched in 2024. This year, the company launched Rho X, a hybrid interest rates DEX that combines professional-grade trading infrastructure with on-chain security.

Rho X offers trading across multiple markets, including BTC and ETH funding rates, Ethereum staking rates, and stablecoin yields.
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Disclaimer: Not investment advice

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