Funding rate arbitrage, across 22 exchanges

Live board

Highest funding spreads right now — after fees, not before.

Ranked by APR net of the round-trip fee, because that is the number that decides whether a spread is worth taking. Break-even is how long the position has to be held before funding has paid for its own fees — a wide spread closed too early still loses.

Coin	Long (pays you)	Short (you collect)	Net APR	Break-even
MMET	Bybit	Backpack	213.2%gross 227.3%	10h
PPYTH	OKX	Backpack	209.2%gross 222.8%	10h
FFOGO	Backpack	Aster	179.2%gross 192.7%	12h
SS	Variational	N1	176.1%gross 185.0%	8.1h
SSTABLE	Hyperliquid	Aster	141.0%gross 149.9%	9.9h
TTIA	Orderly	Backpack	112.1%gross 125.7%	18h
PPROVE	Aster	Binance	107.0%gross 117.4%	15h
PPIPPIN	Bybit	Bitget	105.4%gross 117.4%	17h

Net APR subtracts both legs' real taker fee, opening and closing, at the default 7-day hold. 112 coins carry a spread that is still positive after fees right now — the eight widest are above; the whole board is live here.

The funding map

Where every venue sits on one axis, right now.

Each venue's funding, averaged across its own markets and normalized to a common 8-hour basis. The ones left of zero are paying longs to hold; the ones right of zero are charging them. They rarely agree — and the disagreement is the entire business.

How it works

How funding rate arbitrage works — three steps, one catch.

A perpetual future never expires, so exchanges tether it to spot with a funding payment: when the rate is positive, longs pay shorts; when it is negative, shorts pay longs. Every venue computes its own rate, on its own schedule, from its own order book — so the same coin can pay on one exchange and charge on another at the very same minute.

1. −

   Long the venue that pays

   Buy the perpetual where funding is most negative — or least positive. Every funding period, that leg credits your account instead of debiting it.

2. +

   Short the venue that charges

   Sell the same perpetual, same size, where funding is most positive. Shorts are on the receiving end there, so this leg is paid by the longs on that venue.

3. =

   Collect the difference

   Equal size on both sides means the price risk cancels: whatever the coin does, one leg gains what the other loses. What is left is the funding gap, paid out every period.

Coverage

The 22 venues we collect from — CEXs and on-chain perp DEXs, side by side.

Major centralised exchanges, on-chain perpetual DEXs and prediction-market venues, all on the same axis. From each one we take the funding rate and its interval, the mark price, open interest, 24-hour volume and the venue's real taker and maker fees — the fees are what turn a spread into a number you can act on.

• Lighter1h funding129 markets
• Binance8h funding122 markets
• Bybit8h funding121 markets
• Aster8h funding121 markets
• Bitget8h funding119 markets
• Variational1h funding106 markets
• Hyperliquid1h funding88 markets
• OKX8h funding85 markets
• Paradex8h funding69 markets
• Extended1h funding67 markets
• Orderly1h funding66 markets
• Backpack8h funding63 markets
• Pacifica1h funding57 markets
• Nado1h funding52 markets
• N11h funding25 markets
• Vest1h funding24 markets
• Ondo1h funding19 markets
• Ethereal1h funding18 markets
• RiseX1h funding15 markets
• Kalshi8h funding12 markets
• Hibachi8h funding9 markets
• Polymarket1h funding8 markets

Funding interval is the venue's typical schedule — a few venues settle some markets on a different clock, and we take the mode rather than the minimum. Market counts are from the snapshot above.

The product

What DeltaPulse does today — all of it, and only it.

live board

Every coin on every venue on one screen: rate, mark price, open interest, 24h volume, and the best long/short pair with its net APR and break-even. Open the board.

coin terminal

A page per coin: price chart, per-venue rate table, funding history and a backtest of what the spread would have paid. Start with BTC funding rate or ETH funding rate.

strategy board

Ranked perp-vs-perp spreads and spot-vs-perp cash-and-carry, sorted by what survives the fees.

markets

Every perpetual we track, with price, 24h change, open interest and volume. Browse markets.

portfolio

Connect an exchange account with an API key or a wallet and read your positions, holdings and the funding you have actually paid and received, across venues, in one place. Read-only — we never place an order.

alerts

An in-app notification centre, and a daily email digest of the spreads worth a look. We set the bar for now; choosing your own is not something you can do yet.

live stream

The board updates over a WebSocket as the rates move. No refreshing, no polling.

Where we're going

Analytics first, then the software that trades it.

The board tells you where the trade is. It does not yet put it on for you. That is the next thing we are building, in this order.

1. [01]Live

   The analytics layer

   22 venues, normalized rates, net-of-fees spreads, the per-coin terminal, alerts and the live stream. Everything above this line works today.

2. [02]Live

   Read-only portfolio

   Connect your exchange accounts and see positions, holdings and funding paid or received across all of them at once.

3. [03]In progress

   The venue directory

   What each venue is actually worth as a leg — its fees, its funding interval, its open interest and how much size it can absorb — so choosing where to put a leg stops being a guess.

4. [04]Next

   One-click execution

   Open both legs of a spread on your own connected accounts, from the board, in one action. This does not exist yet — today you take the numbers to your exchange yourself.

5. [05]Later

   Automation, then the social layer

   Bots that roll a position as the spread moves and close it when break-even stops making sense; after that, shared strategies and a protocol layer.

Method

How we measure — and why the numbers differ from an aggregator's.

Most funding tables are a list of raw rates scraped from a dozen APIs and printed next to each other. Raw rates are not comparable, and a spread that ignores fees is not a trade. Six rules, applied to every number on this site.

1. [01]

   One basis for every rate

   Hyperliquid funds every hour; Binance every eight. An hourly 0.0010% and an eight-hourly 0.0080% are the same rate. Every rate is normalized with rate × 8 ÷ interval before anything is compared or ranked — otherwise the ranking is just a list of whoever funds most often.

2. [02]

   The interval is the mode, not the minimum

   Some venues settle a market early, or run a handful of markets on a different clock. Taking the shortest gap we ever saw would annualize an eight-hourly venue as if it funded hourly — an eightfold error. We take the interval a venue actually keeps.

3. [03]

   Real fees, both legs, open and close

   Net APR is computed with each venue's own taker fee — Hyperliquid 0.035%, Binance 0.050%, Bitget 0.060% — charged four times: in and out of both legs. Not one blended fee, and never zero.

4. [04]

   Break-even before promise

   Every spread carries the hold it needs for funding to cover that round trip. It assumes nothing about your size or your leverage — it is the honest gate on the APR standing next to it.

5. [05]

   Per-venue mark prices

   Each leg is valued at the venue you would actually trade it on, not at one global price. Funding is paid on the venue's own mark, so that is the mark we use.

6. [06]

   Dead markets are dropped

   A delisted market keeps returning its last funding rate forever, and a frozen mark price looks exactly like a very profitable spread. Stale timestamps, frozen marks and venue status flags are all checked, and those markets never reach the board.

Rates are collected every 60 seconds. This page is rebuilt every 5 minutes; the board and the coin pages stream live.

FAQ

Funding rate arbitrage, answered

What is a funding rate?

A periodic payment between the long and short side of a perpetual future, used to keep its price anchored to spot. A positive rate means longs pay shorts; a negative rate means shorts pay longs. Each exchange sets its own rate, on its own interval — hourly, four-hourly or eight-hourly — from its own order book.

How can funding rates be arbitraged?

Because the same perpetual carries a different rate on every venue. Go long where funding is cheapest and short where it is most expensive, in equal size, and the price risk cancels out: whatever the coin does, one leg gains what the other loses. What is left is the funding difference, collected every period. We rank those pairs across 22 venues and 1,395 perp markets.

Is funding rate arbitrage risk-free?

No. Price risk is hedged; nothing else is. Fees are charged whether the trade works or not. The spread can close, or invert, while you hold it. An adverse move can liquidate one leg while the other is still fine, because margin sits on two separate venues. Withdrawals can be delayed, and an exchange can fail outright. A spread that looks wide can still lose money if it is closed before it has covered its round-trip fee — which is why break-even is printed next to every APR on this site.

What is break-even, and why does it matter?

Opening and closing two legs costs four taker fees before funding has paid you anything. Break-even is how many hours the position must be held for the funding it earns to cover that cost. It is the difference between an APR you can act on and an APR that is an artefact of a rate that will be gone in an hour: a 500% APR that breaks even in 3 hours and a 40% APR that breaks even in 40 hours are not the same trade.

Why do funding rates differ between exchanges?

Because each venue computes its own rate from its own order book, its own premium index and its own interval, and each has a different mix of traders. A venue crowded with leveraged longs must charge them to pull its perp back toward spot; a venue where the same coin is being shorted pays them instead. Rates also fund on different clocks, so two venues can be at opposite ends of the same eight hours.

Which exchange pays the most funding right now?

It changes constantly, which is the point. Averaged across its own markets and normalized to an 8-hour basis, N1 currently has the most negative funding at -0.0030% — meaning it pays longs — while Lighter has the most positive at +0.0138%, meaning it charges them. Those are venue averages, not a trade: an individual coin's gap between two venues is usually far wider. The funding map on this page is rebuilt every few minutes.

How much capital do I need for funding arbitrage?

There is no minimum to use DeltaPulse — it is analytics, not a broker. For the trade itself, capital has to sit on both venues at once, since each leg is margined where it is opened. Fees are charged on notional, so a small position and a large one face the same percentage cost and the same break-even hold; what actually changes with size is whether the venue has the depth to fill you without slippage, which is why open interest and 24h volume are shown next to every venue.

Is DeltaPulse free?

Yes. Live rates, cross-exchange spreads, net APR, break-even, funding history and all 135 coin pages are open to everyone, with no account. An account only adds the things that are yours: alerts, and a portfolio across your connected exchange accounts.