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There is no variable support for

$__rate_interval

yet.

so cant be done?

You could work around it by defining the varaible but that's not really a robust way to do it.

how to define it as a variable for 5 minutes?

You can create a custom type variable with the list of values you want to use. The second type here shows how to do it https://signoz.io/docs/userguide/manage-variables/#supported-variables-types.