Funding Rates › Funding rate arbitrage
Funding Rate Arbitrage Scanner
Where perpetual funding differs most between venues right now, and which side of each trade would collect it.
Spreads use 8h-normalized rates. Positive rates mean longs pay shorts. Not financial advice.
Updated 14/14 venues · as of 09:50 UTC · how this is computed
Live cross-venue spread scanner
Assets listed on at least 4 venues, ranked by the gap between their highest and lowest 8h funding rate. By default only liquid legs are compared: a venue's leg counts when it reports at least $1M of open interest in the asset, so one-sided thin markets do not crowd out the top of the table. Show all assets (incl. illiquid). Top 0 of 0 shown.
Filtered view: pre-ipo assets only. Clear filters.
No assets match these filters in the latest snapshot. Clear filters.
One value per venue per asset (the median if a venue lists several contracts). GMX, closed markets, and LeverUp markets routed to Hyperliquid are left out so the same funding is never counted twice. Spreads are gross: they ignore fees, slippage, price basis and any holding fees. Method details are on the methodology page; every coin's full venue table is linked from the funding rate heatmap.
How funding rate arbitrage works
A perpetual future has no expiry, so exchanges keep its price near the underlying with a funding payment between longs and shorts. When the perp trades above the index, funding is positive and longs pay shorts; below it, funding is negative and shorts pay longs. Each venue sets its own rate from its own order book, so the same asset can carry quite different funding on different venues at the same moment.
The strategy exploits that difference. You open a long on the venue where the rate is lowest and an equal-sized short on the venue where it is highest. Price moves on the two contracts largely cancel, because you are long and short the same asset, and what remains is the funding gap: you collect the high rate on the short and pay (or receive) the low rate on the long. The scanner above does that ranking for you; the annualized figure is the simple 8h spread multiplied by 3 × 365, which assumes the gap would last a full year.
Delta-neutral, in practice
Delta neutral means the position's value does not change with the asset's price, to a first approximation. Here that holds only while both legs are the same notional and both stay open. Each leg is margined separately on its own venue, so a sharp move can leave one account short of margin while the other shows a paper gain you cannot immediately use.
Funding arb versus the basis trade
The older cash-and-carry basis trade buys the asset on the spot market and shorts a perpetual or a dated future against it, earning positive funding or the futures premium. Cross-venue funding arbitrage replaces the spot leg with a second perpetual, so it needs no spot inventory and can work when funding is negative as well; the cost is exposure to two venues instead of one. Pure spot-versus-perp carry is not shown here because this site tracks perpetual funding, not spot prices.
Hyperliquid funding arb
Hyperliquid pays funding every hour, whereas many centralized venues use 8-hour intervals, so a Hyperliquid leg often shows up with an interval flag in the table. Open the scanner with one leg on Hyperliquid to see its widest gaps against every other venue, or read the Hyperliquid funding rates page for its core and HIP-3 markets.
Worked example: $10,000 per leg for 7 days
No live spread matches the current filters, so there is no row to work through. Clear the filters above to see an example built from the widest current gap.
Risks that eat the spread
- Funding flips. A rate is a forecast of the next payment, not a promise. If the high-rate venue turns negative, your short starts paying, and the position can lose money while the headline spread looked wide.
- One leg gets liquidated. Each leg lives on its own venue with its own margin. In a fast rally the short can be liquidated while the long is in profit on another venue; the hedge is gone and the profit is stranded. Lower leverage and spare margin on both sides reduce this.
- Interval differences. Rows flagged with different intervals settle on different clocks. An hourly rate can change eight times in the window where an 8-hour rate pays once, so a snapshot comparison is only approximate.
- Withdrawal and bridge delays. Rebalancing collateral between a centralized exchange and an on-chain venue can take minutes to hours, and a bridge or withdrawal queue can stall exactly when one side needs margin.
- Price basis. The two contracts follow different index prices and order books, so they can diverge. That gap can exceed the funding you collect, and it is realized when you close.
- Market hours on RWA perps. Gold, FX, index and stock perps follow traditional market sessions. Rows with the market hours flag can reprice sharply at the open after a closed period, and the scanner skips assets whose market is closed.
- Stale or wrong data. A venue marked stale is showing its last good reading. Public endpoints can also be delayed or wrong, so check the live value on the venue before trading.
- Fees, slippage and holding costs. Four fills per round trip, thin order books on small assets, and holding fees on pool-style markets all reduce the net. The example above shows how quickly they can use up a narrow spread.
How to read this scanner
Venues counts the venues used for the asset's statistics. Long here is the venue with the lowest 8h-equivalent rate; Short here the highest. Spread 8h is the difference between them, and Annualized spread multiplies it by 3 × 365 as a simple, uncompounded figure. Flags mark things that change how much to trust a row: different funding intervals, a stale venue, pool holding fees that the spread does not include, and market-hours assets.
The widest gaps are often on small, thinly traded coins, where an extreme funding rate usually reflects a one-sided order book that is hard to trade at size. So the default view lists assets on at least 4 venues and pairs only legs that look liquid: Hyperliquid, Bybit and dYdX report open interest, and a leg on one of them needs at least $1M in that asset. Venues that report none in the feeds this site reads (Binance, OKX, Aster, Lighter, edgeX, Paradex and LeverUp markets) are admitted for curated majors, or for assets on 6+ venues where no venue shows open interest below the floor. This is a screen, not a depth check: open interest says little about order book size at your price. Show all assets (incl. illiquid) removes the screen.
Filters are in the links above the table. Venue keeps assets listed on that venue and shows the widest gap between it and any other venue. Class limits the scan to crypto, commodity, FX, index, stock or pre-IPO assets. Listed on at least raises or lowers the minimum venue count; two venues gives more rows, higher counts give gaps that are less likely to come from one thinly traded market. Liquidity switches the open-interest screen on or off. For one coin's full venue table, use the funding rate heatmap, which links to every coin page.
Funding rate arbitrage FAQ
What is funding rate arbitrage?
Funding rate arbitrage means holding offsetting positions so price moves cancel out while you collect the difference in funding payments. The cross-venue version goes long a perpetual where funding is lowest and short the same asset where it is highest; the other classic version holds spot long against a perpetual short.
Is funding rate arbitrage risk-free?
No. Funding can change sign or shrink before you collect it, the two contracts can drift apart in price, each leg needs its own margin and can be liquidated separately, and moving collateral between venues takes time. Fees and slippage on four fills come out of every round trip.
How do I read the long and short columns?
Long here is the venue with the lowest 8h-normalized rate for the asset, where a long pays the least or receives the most. Short here is the venue with the highest rate, where a short receives the most or pays the least. The spread is the highest rate minus the lowest.
Why does a row carry an interval flag?
The two venues settle on different schedules, for example hourly on one and every 8 hours on the other. Rates are normalized to an 8h equivalent so they compare, but the cash actually arrives on different clocks, and a rate can change between settlements.
Does funding arbitrage work on Hyperliquid?
Hyperliquid settles funding every hour, while many centralized venues settle every 8 hours, so it is a common leg in cross-venue funding trades. The scanner's Hyperliquid view lists the widest gaps between Hyperliquid markets and every other venue; the same risks apply.
What is the difference between funding arbitrage and a basis trade?
A basis (cash-and-carry) trade pairs spot with a perpetual or dated future on one asset and earns the premium or funding. Cross-venue funding arbitrage pairs two perpetuals on different venues and earns the funding gap, with no spot leg.