What is APR (Annualized Funding)?

A funding rate is quoted per settlement interval — a tiny number like 0.01% per 8 hours. APR (annual percentage rate) scales that to a yearly figure by multiplying by the number of intervals in a year.

Annualizing is essential for comparison: a 1-hour venue and an 8-hour venue can look identical per-interval but differ massively in APR. ORBIT normalizes every venue to APR so funding rates are directly comparable.