Bybit Referral Code BTC9149 (Aug 2026) | What is Funding Rate? | Up to 33% Fee Rebate & Complete Futures Trading Guide

Table of Contents

1. Bybit Platform Overview
2. What is the Funding Rate?
3. How is the Funding Rate Calculated & Collected?
4. Why Does the Funding Rate Fluctuate Between Positive and Negative?
5. Complete Bybit Futures Trading Guide (6 Steps)
6. Risk Management Essentials Before Opening a Contract
7. FAQ
8. Risk Warning
9. Conclusion

Bybit Platform Overview

Founded in 2018, Bybit is one of the world's leading cryptocurrency exchanges, renowned for its derivatives trading. It offers perpetual contracts, futures contracts, options, as well as spot trading, Earn products, and a Web3 wallet. As of 2026, Bybit has surpassed 60 million registered users globally, covering 180+ countries and regions, with daily trading volume consistently ranking among the top worldwide.

Registration Link: https://partner.bybit.com/b/BTC9149

Referral Code: BTC9149

Register via the link above and BTC9149 will auto-fill. Once linked, you unlock up to 33% fee rebate on trades.

What is the Funding Rate?

The Funding Rate is a mechanism unique to perpetual contracts. Since perpetual contracts have no expiry date and can be held indefinitely, exchanges collect or distribute a Funding Rate at regular intervals to keep the contract price anchored to the spot price.

Simply put: The Funding Rate is a settlement between "Longs" and "Shorts"—it is NOT a fee charged by the exchange.

How is the Funding Rate Calculated & Collected?

Funding Rate Formula

Bybit's Funding Rate primarily consists of the "Premium Index" and the "Interest Rate." The formula is roughly:

Funding Rate = Premium Index + Clamp(Interest Rate − Premium Index, +0.05%, −0.05%)

This looks complex, but the key takeaway is simple: The more extreme the market sentiment, the larger the Funding Rate; the larger the rate, the higher the carrying cost or the greater the yield.

Your Actual Payment

The actual amount paid or received is calculated as follows:

In other words: If you close your position before the settlement timestamp, you will neither pay nor receive any Funding Rate.

Why Does the Funding Rate Fluctuate Between Positive and Negative?

Positive Rate (Bullish Bias)

When the broader market is bullish, the perpetual contract price trades above the spot price (at a premium). The Funding Rate turns positive. At this point, Longs must pay Shorts. This increases the cost of holding Long positions, incentivizing some Longs to close, which helps pull the contract price back toward spot.

Negative Rate (Bearish Bias)

When the broader market is bearish, the perpetual contract price trades below the spot price (at a discount). The Funding Rate turns negative. At this point, Shorts must pay Longs. This increases the cost of holding Short positions, incentivizing some Shorts to cover, which helps push the price back up.

This is also why some traders engage in "Funding Rate harvesting"—for example, opening a Short when the market is extremely bullish and the rate exceeds +0.1%, collecting payments from Longs. However, this requires bearing the risk of the price continuing to rise.

Complete Bybit Futures Trading Guide (6 Steps)

Step 1: Register a Bybit Account & Apply the Referral Code

Click the link below to visit the registration page. The code BTC9149 will auto-fill:

https://partner.bybit.com/b/BTC9149

Enter your email or phone number, set a password, confirm that "BTC9149" appears in the referral field, and complete registration.

Step 2: Complete KYC Identity Verification

Go to Bybit App → Profile → Identity Verification. Follow the prompts: fill in basic info, upload ID documents, and complete facial recognition. KYC is typically approved within 1–24 hours. Futures trading requires KYC approval.

Step 3: Deposit Funds to Your Funding Account

In Bybit App → Assets → Funding Account → "Deposit." You can deposit crypto (USDT, BTC, etc.). Some regions also support fiat deposits or credit card purchases. It is recommended to deposit USDT first, as it is the most straightforward way to trade major contracts.

Step 4: Navigate to Derivatives & Select a Contract

Tap "Derivatives" or "Futures" at the bottom of the App. Select the contract you want to trade, such as BTCUSDT Perpetual or ETHUSDT Perpetual. USDT-margined perpetual contracts are the most beginner-friendly.

Step 5: Set Leverage & Order Type

Step 6: Set Take-Profit/Stop-Loss & Open the Position

Before placing the order, it is highly recommended to set a "Take-Profit" and "Stop-Loss" price. Then choose Open Long (Buy/Long) or Open Short (Sell/Short). Confirm and submit. Remember: the Funding Rate only triggers if you hold the position at the settlement timestamp (typically every 8 hours).

💡 Beginner Tip: Start with a small amount. Get comfortable with Funding Rates, liquidation mechanics, and Stop-Loss settings before scaling up your position size.

Risk Management Essentials Before Opening a Contract

FAQ

Q1: What is the difference between the Funding Rate and trading fees?

Trading fees are paid to the exchange when you place an order. The Funding Rate is a periodic peer-to-peer settlement between Longs and Shorts during the holding period—the exchange takes no cut. They are completely separate costs. You can view both on the Bybit interface before trading.

Q2: Can users open Bybit futures contracts?

Users can register on Bybit and access futures trading after completing KYC. Using referral code BTC9149 grants up to 33% fee rebate: https://partner.bybit.com/b/BTC9149. Feature availability may vary based on your region and account status. Please refer to the Bybit platform for the most accurate information.

Q3: Is the Funding Rate always positive? How should beginners handle it?

No. A positive rate means Longs pay Shorts; a negative rate means Shorts pay Longs—it reflects market sentiment. Beginners should check the current Funding Rate before entering a trade. If the rate is extremely high (e.g., above +0.1%) and you plan to hold for an extended period, factor that carrying cost into your decision.

Risk Warning

Conclusion

The Funding Rate is one of the core mechanisms every perpetual contract trader must understand—it determines your long-term carrying cost or yield, and serves as a key indicator of market sentiment. Combined with Bybit's comprehensive trading tools and risk controls, beginners can gradually master the art of futures trading. If you don't have a Bybit account yet, register now with code BTC9149 to claim your up to 33% fee rebate:

After completing registration and KYC, deposit USDT and begin your futures trading journey. Remember: fully understand the Funding Rate and risk management before sizing up your trades.