Funding Rate is used to determine the funding fees that will be exchanged between buyers and sellers at the next upcoming funding timestamp. On Bybit, there are three funding timestamps, specifically at 0000, 0800 and 1600 UTC.
On the other hand, the predicted funding rate is an estimation of the funding rate beyond the next upcoming funding timestamp. The system takes into account the price movement of Bybit's market prices in the current 8 hour time period relative to Mark Price in order to finalize the calculation of the predicted funding rate. Refer to the example below
For more info regarding the calculation to derive at the actual funding rate, please click here
For more info regarding how does funding rate determines the paying/receiving of funding fees, please click here