Funding rate arbitrage: four exchanges in one table
Funding rates on Binance, BingX, Bybit, OKX for USDT-margined perpetuals with at least $5M in daily turnover. Rates are normalized to 8 hours, because exchanges charge funding at different intervals. The trade: short where the rate is higher, long where it is lower. The fee payback column shows how many days the spread has to hold to cover the fees for opening and closing both legs. The table refreshes every minute.
All coins on one exchange: Binance funding rate · Bybit · OKX · BingX
Pairs ranked by rate spread
| Coin | Short (rate per its interval) | Long | Spread per 8h | Annualized | Fee payback | Past 7d | Past 30d | Min. turnover |
|---|---|---|---|---|---|---|---|---|
| IOST | BingX -0.3655% / 1h | Bybit -2.0000% / 1h at cap | 13.0760% | 14318.2% | < 1h | -2.95% | -3.16% | $16M |
| BIRB | Binance -0.5313% / 4h | Bybit -0.7614% / 1h | 5.0285% | 5506.2% | < 1h | +1.86% | +2.03% | $23M |
| MEW | Binance -0.7523% / 4h | Bybit -1.6155% / 4h at cap | 1.7264% | 1890.4% | < 1h | +0.39% | +0.54% | $16M |
| AXIS | OKX -0.5182% / 4h | Bybit -0.8637% / 4h | 0.6911% | 756.7% | 2h | - | - | $7M |
| DOOD | BingX -0.0047% / 1h | OKX -0.1370% / 2h | 0.5106% | 559.1% | 3h | -2.44% | -1.46% | $22M |
| CT | Binance -0.3604% / 4h | Bybit -0.5506% / 4h | 0.3804% | 416.5% | 4h | +1.20% | - | $10M |
| ORCA | BingX -0.0255% / 4h | Bybit -0.1948% / 4h | 0.3386% | 370.8% | 5h | - | - | $6M |
| BMT | Binance -0.0966% / 4h | Bybit -0.2126% / 4h | 0.2320% | 254.1% | 7h | +0.87% | +1.80% | $10M |
| SOPH | BingX -0.0140% / 4h | Binance -0.0721% / 4h | 0.1162% | 127.2% | 14h | +1.02% | +1.48% | $7M |
| PTB | Binance +0.0590% / 4h | Bybit +0.0050% / 4h | 0.1081% | 118.3% | 16h | -0.25% | -1.13% | $7M |
| BTW | Bybit -0.2917% / 4h | Binance -0.3415% / 4h | 0.0994% | 108.9% | 17h | +0.64% | +2.44% | $60M |
| IRYS | Binance +0.0050% / 4h | Bybit -0.0332% / 4h | 0.0764% | 83.6% | 22h | +0.00% | -0.37% | $42M |
| GRVT | Binance +0.0050% / 4h | Bybit -0.0190% / 4h | 0.0481% | 52.7% | 1.5d | -0.03% | -0.38% | $5M |
| RIVER | BingX +0.0265% / 4h | Binance +0.0050% / 4h | 0.0430% | 47.1% | 1.6d | +0.12% | +0.71% | $7M |
| ARC | Binance +0.0263% / 4h | Bybit +0.0050% / 4h | 0.0426% | 46.6% | 1.6d | +0.10% | -1.14% | $6M |
| TIA | BingX +0.0023% / 4h | Bybit -0.0169% / 4h | 0.0384% | 42.1% | 1.8d | +0.21% | +0.54% | $33M |
| SAND | Bybit -0.0265% / 8h | OKX -0.0314% / 4h | 0.0363% | 39.7% | 1.9d | -0.43% | -1.28% | $12M |
| DOT | BingX +0.0100% / 8h | Bybit -0.0245% / 8h | 0.0345% | 37.7% | 2.0d | +0.06% | +0.19% | $12M |
| NIGHT | BingX +0.0050% / 4h | OKX -0.0116% / 4h | 0.0333% | 36.4% | 2.0d | +0.09% | +0.90% | $6M |
| PHA | Bybit +0.0050% / 4h | Binance -0.0112% / 4h | 0.0324% | 35.5% | 2.2d | +0.15% | +0.87% | $5M |
| ADA | Binance +0.0100% / 8h | Bybit -0.0215% / 8h | 0.0315% | 34.5% | 2.2d | -0.03% | +0.06% | $40M |
| ARB | BingX +0.0029% / 8h | Bybit -0.0285% / 8h | 0.0314% | 34.4% | 2.2d | +0.05% | +0.50% | $40M |
| ZAMA | Bybit +0.0050% / 4h | OKX -0.0107% / 4h | 0.0314% | 34.3% | 2.2d | -0.09% | +0.05% | $6M |
| BR | Bybit -0.0107% / 4h | Binance -0.0259% / 4h | 0.0303% | 33.2% | 2.3d | -0.35% | -1.67% | $11M |
| BAT | Binance -0.0300% / 8h | OKX -0.0597% / 8h | 0.0297% | 32.5% | 2.2d | +0.30% | +0.90% | $24M |
| WAL | BingX +0.0041% / 4h | Binance -0.0100% / 4h | 0.0281% | 30.8% | 2.4d | -0.13% | -0.81% | $7M |
| INJ | BingX +0.0196% / 8h | OKX -0.0065% / 8h | 0.0261% | 28.5% | 2.6d | +0.05% | +1.16% | $31M |
| W | BingX -0.0130% / 4h | Binance -0.0258% / 4h | 0.0256% | 28.0% | 2.6d | +0.53% | +0.86% | $7M |
| QNT | BingX +0.0065% / 8h | Bybit -0.0185% / 8h | 0.0250% | 27.4% | 2.8d | +0.29% | +0.98% | $10M |
| SUI | BingX +0.0085% / 8h | Bybit -0.0155% / 8h | 0.0240% | 26.2% | 2.9d | +0.05% | +0.34% | $44M |
| ATOM | BingX +0.0100% / 8h | Binance -0.0138% / 8h | 0.0238% | 26.1% | 2.8d | +0.16% | +0.63% | $14M |
| APT | Bybit +0.0075% / 8h | BingX -0.0155% / 8h | 0.0230% | 25.2% | 3.0d | -0.04% | -0.35% | $13M |
| ZK | BingX +0.0050% / 4h | Binance -0.0063% / 4h | 0.0227% | 24.8% | 2.9d | +0.12% | +0.20% | $7M |
| ZEC | Bybit +0.0085% / 8h | BingX -0.0139% / 8h | 0.0224% | 24.5% | 3.1d | +0.03% | -0.19% | $102M |
| AERO | Bybit +0.0050% / 4h | Binance -0.0060% / 4h | 0.0221% | 24.2% | 3.2d | -0.11% | -0.29% | $16M |
| STRK | BingX +0.0050% / 4h | Bybit -0.0059% / 4h | 0.0218% | 23.8% | 3.2d | +0.15% | +0.36% | $36M |
| NEAR | Binance +0.0100% / 8h | BingX -0.0108% / 8h | 0.0208% | 22.8% | 3.2d | -0.07% | -0.19% | $105M |
| FIL | BingX +0.0100% / 8h | Bybit -0.0108% / 8h | 0.0208% | 22.7% | 3.4d | +0.13% | +0.47% | $12M |
| WLD | BingX +0.0035% / 8h | Bybit -0.0171% / 8h | 0.0206% | 22.6% | 3.4d | +0.08% | +0.25% | $47M |
| DASH | Binance +0.0100% / 8h | OKX -0.0051% / 4h | 0.0202% | 22.1% | 3.3d | +0.05% | +0.07% | $10M |
| AGT | Binance +0.0324% / 4h | BingX +0.0225% / 4h | 0.0199% | 21.8% | 3.4d | +0.32% | +0.59% | $9M |
| LDO | BingX +0.0100% / 8h | Bybit -0.0093% / 8h | 0.0193% | 21.1% | 3.6d | +0.13% | +0.34% | $5M |
| TAO | BingX +0.0000% / 4h | Bybit -0.0095% / 4h | 0.0189% | 20.7% | 3.7d | +0.00% | +0.02% | $29M |
| MAGIC | Binance -0.0017% / 4h | OKX -0.0108% / 4h | 0.0182% | 19.9% | 3.7d | -0.02% | +0.44% | $16M |
| OP | Bybit +0.0061% / 8h | OKX -0.0121% / 8h | 0.0182% | 19.9% | 3.8d | +0.00% | +0.03% | $10M |
| SOON | OKX +0.0137% / 4h | Binance +0.0050% / 4h | 0.0174% | 19.1% | 3.8d | -0.14% | -0.34% | $10M |
| PENDLE | BingX +0.0100% / 8h | Binance -0.0072% / 8h | 0.0172% | 18.9% | 3.9d | +0.11% | +0.53% | $16M |
| HBAR | BingX +0.0058% / 8h | Bybit -0.0112% / 8h | 0.0170% | 18.7% | 4.1d | +0.09% | +0.45% | $6M |
| S | BingX +0.0050% / 4h | Binance -0.0031% / 4h | 0.0162% | 17.7% | 4.1d | +0.11% | +0.31% | $7M |
| UNI | BingX +0.0065% / 8h | Bybit -0.0093% / 8h | 0.0158% | 17.2% | 4.4d | +0.12% | +0.41% | $44M |
| BCH | BingX +0.0100% / 8h | Bybit -0.0053% / 8h | 0.0153% | 16.8% | 4.6d | +0.08% | +0.65% | $15M |
| AAVE | Bybit +0.0066% / 8h | BingX -0.0079% / 8h | 0.0145% | 15.9% | 4.8d | -0.03% | -0.11% | $20M |
| ONDO | Binance +0.0050% / 4h | Bybit -0.0022% / 4h | 0.0143% | 15.7% | 4.9d | +0.10% | +0.19% | $28M |
| XLM | Binance +0.0100% / 8h | OKX -0.0042% / 8h | 0.0142% | 15.5% | 4.7d | -0.03% | -0.07% | $12M |
| AKE | Binance +0.0050% / 4h | OKX -0.0020% / 4h | 0.0141% | 15.4% | 4.7d | +0.07% | -0.38% | $62M |
| PUMP | BingX +0.0050% / 4h | OKX -0.0040% / 8h | 0.0140% | 15.4% | 4.7d | +0.04% | +0.27% | $19M |
| AVAX | BingX +0.0073% / 8h | OKX -0.0060% / 8h | 0.0133% | 14.5% | 5.0d | +0.07% | +0.41% | $32M |
| HUMA | BingX +0.0050% / 4h | Binance -0.0015% / 4h | 0.0130% | 14.2% | 5.1d | +0.08% | +0.65% | $7M |
| ERA | Binance -0.0624% / 1h | Bybit -0.0639% / 1h | 0.0117% | 12.8% | 6.0d | +5.56% | +4.98% | $8M |
| JCT | Binance +0.0096% / 4h | BingX +0.0040% / 4h | 0.0113% | 12.4% | 5.9d | +0.45% | -0.55% | $9M |
| TRX | BingX -0.0057% / 8h | OKX -0.0162% / 8h | 0.0105% | 11.5% | 6.4d | +0.11% | +0.80% | $6M |
| ETHFI | Bybit +0.0050% / 4h | OKX -0.0002% / 4h | 0.0105% | 11.5% | 6.7d | -0.01% | -0.08% | $5M |
| DOGE | OKX +0.0100% / 8h | Bybit -0.0002% / 8h | 0.0102% | 11.1% | 6.9d | +0.09% | +0.24% | $66M |
| CVX | Bybit +0.0050% / 4h | OKX +0.0003% / 4h | 0.0094% | 10.2% | 7.5d | +0.05% | +0.23% | $5M |
| LINK | BingX +0.0072% / 8h | OKX -0.0011% / 8h | 0.0083% | 9.1% | 8.0d | +0.08% | +0.34% | $36M |
| STX | Bybit +0.0100% / 8h | OKX +0.0018% / 8h | 0.0082% | 8.9% | 8.6d | +0.07% | +0.14% | $5M |
| BOME | BingX +0.0050% / 4h | Binance +0.0011% / 4h | 0.0079% | 8.6% | 8.5d | +0.18% | +0.38% | $8M |
| CRV | Bybit +0.0100% / 8h | BingX +0.0027% / 8h | 0.0073% | 8.0% | 9.6d | +0.02% | -0.23% | $13M |
| XAUT | Bybit +0.0050% / 4h | Binance +0.0014% / 4h | 0.0072% | 7.9% | 9.7d | +0.00% | -0.06% | $25M |
| TRUTH | BingX +0.0247% / 4h | Binance +0.0212% / 4h | 0.0071% | 7.7% | 9.4d | +0.16% | +0.84% | $5M |
| CHIP | Bybit +0.0050% / 4h | Binance +0.0016% / 4h | 0.0068% | 7.5% | 10.3d | -0.04% | -0.06% | $7M |
| BTC | BingX +0.0009% / 8h | OKX -0.0057% / 8h | 0.0066% | 7.2% | 10.1d | +0.05% | +0.26% | $1157M |
| ZRO | Bybit +0.0050% / 4h | Binance +0.0018% / 4h | 0.0064% | 7.1% | 10.9d | -0.09% | -0.17% | $26M |
| POL | BingX +0.0012% / 4h | Binance -0.0020% / 4h | 0.0064% | 7.0% | 10.4d | +0.08% | +0.73% | $7M |
| ETH | BingX +0.0068% / 8h | Binance +0.0008% / 8h | 0.0060% | 6.5% | 11.2d | +0.07% | +0.30% | $505M |
| APR | OKX +0.0079% / 4h | Binance +0.0050% / 4h | 0.0058% | 6.4% | 11.5d | +0.10% | +0.69% | $12M |
| PAXG | BingX +0.0050% / 4h | Binance +0.0022% / 4h | 0.0055% | 6.1% | 12.0d | +0.10% | +0.28% | $7M |
| XPL | Binance +0.0050% / 4h | Bybit +0.0023% / 4h | 0.0053% | 5.8% | 13.1d | +0.02% | +0.28% | $15M |
| JTO | BingX +0.0050% / 4h | Binance +0.0024% / 4h | 0.0052% | 5.7% | 12.8d | +0.13% | +0.27% | $9M |
| BNB | BingX +0.0001% / 8h | Bybit -0.0051% / 8h | 0.0052% | 5.7% | 13.5d | +0.15% | +0.63% | $18M |
| PEOPLE | OKX +0.0100% / 8h | Binance +0.0049% / 8h | 0.0051% | 5.6% | 13.1d | +0.06% | -0.06% | $7M |
| JASMY | BingX +0.0100% / 8h | Binance +0.0053% / 8h | 0.0047% | 5.2% | 14.1d | +0.19% | +0.49% | $6M |
| ETC | BingX +0.0100% / 8h | Binance +0.0053% / 8h | 0.0047% | 5.1% | 14.3d | +0.09% | +0.30% | $22M |
| CFX | BingX +0.0100% / 8h | Binance +0.0055% / 8h | 0.0045% | 4.9% | 14.8d | +0.03% | +0.15% | $5M |
| PENGU | Binance +0.0050% / 4h | Bybit +0.0027% / 4h | 0.0045% | 4.9% | 15.5d | +0.05% | +0.10% | $12M |
| HYPE | BingX -0.0006% / 4h | Binance -0.0028% / 4h | 0.0044% | 4.8% | 15.1d | +0.06% | +0.34% | $34M |
| LIT | Binance -0.0043% / 4h | OKX -0.0064% / 4h | 0.0042% | 4.6% | 16.0d | +0.06% | +0.25% | $95M |
| ICP | Bybit +0.0100% / 8h | Binance +0.0061% / 8h | 0.0039% | 4.2% | 18.1d | +0.02% | -0.16% | $8M |
| LTC | BingX +0.0053% / 8h | Binance +0.0015% / 8h | 0.0038% | 4.1% | 17.7d | +0.14% | +0.41% | $43M |
| LA | Binance +0.0050% / 4h | BingX +0.0035% / 4h | 0.0030% | 3.3% | 22.2d | -0.10% | -0.36% | $7M |
| SPX | Binance +0.0050% / 4h | BingX +0.0035% / 4h | 0.0030% | 3.3% | 22.2d | +0.02% | +0.02% | $6M |
| XMR | Binance +0.0100% / 8h | BingX +0.0070% / 8h | 0.0030% | 3.3% | 22.2d | +0.03% | -0.09% | $7M |
| COMP | Binance +0.0100% / 8h | BingX +0.0070% / 8h | 0.0030% | 3.3% | 22.2d | -0.06% | -0.25% | $17M |
| KGEN | BingX +0.0146% / 4h | Binance +0.0132% / 4h | 0.0028% | 3.1% | 23.7d | +0.12% | +0.60% | $7M |
| GALA | BingX +0.0100% / 8h | Binance +0.0078% / 8h | 0.0022% | 2.4% | 29.9d | +0.16% | +0.43% | $10M |
| XRP | Binance +0.0100% / 8h | Bybit +0.0081% / 8h | 0.0019% | 2.1% | 36.7d | -0.02% | -0.03% | $306M |
| SOL | BingX +0.0034% / 8h | Bybit +0.0016% / 8h | 0.0018% | 2.0% | 38.6d | +0.11% | +0.41% | $352M |
| WIF | BingX +0.0050% / 4h | Binance +0.0042% / 4h | 0.0016% | 1.7% | 42.6d | +0.14% | +0.30% | $13M |
| BULLA | Binance +0.0060% / 4h | BingX +0.0053% / 4h | 0.0015% | 1.6% | 44.6d | -0.05% | +0.02% | $7M |
| MUBARAK | OKX +0.0056% / 4h | Binance +0.0050% / 4h | 0.0011% | 1.2% | 60.5d | +0.06% | +0.76% | $5M |
| REZ | BingX +0.0050% / 4h | Binance +0.0045% / 4h | 0.0010% | 1.1% | 64.7d | +0.03% | +0.59% | $5M |
| KAITO | Binance +0.0050% / 4h | BingX +0.0046% / 4h | 0.0008% | 0.8% | 86.8d | -0.07% | -0.15% | $6M |
| NIL | BingX +0.0050% / 4h | Binance +0.0047% / 4h | 0.0005% | 0.6% | 126.7d | +0.13% | +0.15% | $7M |
| A | Binance -0.0092% / 4h | BingX -0.0094% / 4h | 0.0005% | 0.5% | 146.2d | -0.20% | -0.27% | $7M |
| SEI | Bybit +0.0100% / 8h | Binance +0.0099% / 8h | 0.0001% | 0.1% | 598.3d | +0.00% | -0.14% | $8M |
Fees in the calculation: standard taker rate with no discounts, Binance 0.050%, Bybit 0.055%, OKX 0.050%, BingX 0.050%, four trades per pair (open and close each leg). With a VIP tier or maker orders the payback is shorter. Click a coin to open its page: rates by exchange, accumulated funding and the cost of holding a position.
Most extreme rates right now
The largest absolute rates on a single exchange. Positive: longs pay shorts. Negative: shorts pay longs. An extreme rate usually means a crowded side and violent price moves, not easy yield.
| Coin | Exchange | Rate per interval | Per 8h | Annualized | Who pays |
|---|---|---|---|---|---|
| IOST | Bybit | -2.0000% / 1h | -16.0000% | -17520% | shorts pay longs |
| IOST | OKX | -0.7734% / 1h | -6.1869% | -6775% | shorts pay longs |
| BIRB | Bybit | -0.7614% / 1h | -6.0911% | -6670% | shorts pay longs |
| IOST | Binance | -0.5013% / 1h | -4.0105% | -4391% | shorts pay longs |
| MEW | Bybit | -1.6155% / 4h | -3.2309% | -3538% | shorts pay longs |
| IOST | BingX | -0.3655% / 1h | -2.9240% | -3202% | shorts pay longs |
| MEW | BingX | -1.4400% / 4h | -2.8800% | -3154% | shorts pay longs |
| MEW | OKX | -0.4504% / 2h | -1.8017% | -1973% | shorts pay longs |
| AXIS | Bybit | -0.8637% / 4h | -1.7274% | -1892% | shorts pay longs |
| MEW | Binance | -0.7523% / 4h | -1.5045% | -1647% | shorts pay longs |
| CT | Bybit | -0.5506% / 4h | -1.1011% | -1206% | shorts pay longs |
| BIRB | Binance | -0.5313% / 4h | -1.0626% | -1164% | shorts pay longs |
| AXIS | OKX | -0.5182% / 4h | -1.0364% | -1135% | shorts pay longs |
| CT | OKX | -0.3780% / 4h | -0.7559% | -828% | shorts pay longs |
| CT | Binance | -0.3604% / 4h | -0.7207% | -789% | shorts pay longs |
| BTW | Binance | -0.3415% / 4h | -0.6829% | -748% | shorts pay longs |
| BTW | BingX | -0.3240% / 4h | -0.6480% | -710% | shorts pay longs |
| BTW | Bybit | -0.2917% / 4h | -0.5835% | -639% | shorts pay longs |
| DOOD | OKX | -0.1370% / 2h | -0.5482% | -600% | shorts pay longs |
| ERA | Bybit | -0.0639% / 1h | -0.5111% | -560% | shorts pay longs |
What is funding rate arbitrage
The funding rate is a periodic payment between longs and shorts on a perpetual futures contract. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The money does not go to the exchange - it moves from one side of the market to the other, and that is how the exchange keeps the perpetual price close to spot.
Every exchange computes the rate with its own formula and charges it on its own schedule: every 8, 4, 2 or 1 hour. So at any given moment the same coin carries different rates on Binance, Bybit, OKX and BingX. Funding rate arbitrage means opening equal positions in opposite directions on two exchanges: short where the rate is higher, long where it is lower. Price movement cancels out - the profit on one leg covers the loss on the other - and the rate difference is paid to you every interval.
There is a second version, spot versus perpetual (cash-and-carry): buy the coin on spot and open an equal short on the perpetual. With a positive rate the short collects the payment. The table above covers the first version - the spread between perpetual rates on different exchanges.
Worked example
Coin X. On exchange A the rate is +0.01% per 8 hours, on exchange B it is -0.05% per 8 hours. We short on A and go long on B, 1,000 USDT notional on each leg.
| Short on A receives (longs pay shorts) | 1,000 × 0.01% = 0.10 USDT |
| Long on B receives (shorts pay longs) | 1,000 × 0.05% = 0.50 USDT |
| The pair per funding interval | 0.60 USDT (a 0.06% spread) |
| Fees: open and close both legs (taker 0.05% on A, 0.055% on B) | 2 × (0.50 + 0.55) = 2.10 USDT |
| Fee payback | 2.10 / 0.60 = 3.5 intervals, about 28 hours |
From here everything depends on how long the spread lasts:
- Rates hold for three days (9 intervals): 9 × 0.60 = 5.40 USDT in payments, minus 2.10 in fees = +3.30 USDT per pair.
- After two intervals the rate on B returns to zero: you have collected 2 × 0.60 = 1.20 USDT, and the spread has fallen to 0.01%, i.e. 0.10 USDT per interval. Closing now leaves you at -0.90 USDT; waiting for payback takes another 9 intervals, assuming rates do not change again.
- Prices on the two exchanges are 0.1% apart when you close: that is about 1 USDT per 1,000 notional - nearly a third of the net result even in the good scenario (1 of 3.30 USDT).
You need margin on each exchange separately: at 5x leverage that is 200 USDT per leg. A move of roughly 20% against one leg can liquidate it while the other leg sits in profit on a different exchange.
How to open the trade, step by step
- Pick a pair whose fee payback is clearly shorter than the time you are willing to hold. Check the funding interval of both legs: on a 1-hour leg the rate changes more often.
- Check the time to the next funding payment on each exchange. Only positions open at the moment of payment receive it.
- Deposit margin on both exchanges with a buffer: positions on different exchanges do not share margin.
- Open both legs at the same notional, as close together in time as possible. Limit orders are cheaper, but one leg may not fill, leaving you with a naked position against the market.
- Recheck the rates every interval. When the spread disappears or flips sign, close both legs together, not one at a time.
How to read the table
- Spread per 8h - what the pair earns over 8 hours if rates stay the same: the short leg's rate minus the long leg's rate, both normalized to 8 hours.
- Fee payback - how long it takes the spread to cover fees. Until then the pair is in the red even with "correct" rates.
- Past 7d and 30d - what the same pair would have earned if held for that period, from the actual funding payments on both exchanges, before fees. A large spread today with zero or negative over 7 days means a one-off spike, not a persistent imbalance.
Risks the table does not show
- The rate changes every interval. A large spread often disappears or flips sign after one or two payments.
- Prices on the two exchanges diverge. At close, the price gap between the legs can wipe out all the funding you collected.
- One leg gets liquidated. The positions sit on different exchanges with separate margin: a sharp move can liquidate one leg while the other is in profit.
- Capital on two exchanges. Each needs its own margin, and moving funds between exchanges costs time and withdrawal fees.
FAQ
What is funding rate arbitrage?
Shorting a coin's perpetual on the exchange where the funding rate is higher and going long the same coin where it is lower. Price moves cancel out between the two legs, and you collect the rate difference every funding interval. The risks remain: rates change, prices on the two exchanges drift apart, and one leg can be liquidated.
Why normalize funding rates to 8 hours?
Exchanges charge funding every 1, 2, 4 or 8 hours. A rate of 0.1% every hour and 0.1% every 8 hours differ by a factor of eight, so only normalized values can be compared.
What does fee payback mean?
How many days you need to collect the current rate spread to cover the taker fees for opening and closing both positions. It is arithmetic at the current moment, not a forecast.
Where does the data come from?
Public exchange data: the current rate, funding interval and 24-hour turnover for every USDT-margined perpetual. The snapshot refreshes every minute. Coins with less than $5M in daily turnover are excluded. JSON: /api/funding.
The table shows exchange data and arithmetic on it. It is not a trading signal or investment advice, and returns are not guaranteed.