⚡ Top arbitrage spreads right now
Pairs with the biggest rate difference between exchanges — delta-neutral long+short collects the spread.
| Pair | Short on | Long on | Spread /8h | Annualized |
How to read this table
Green exchange = lowest funding rate for that pair — longs pay the least (or earn if negative). If you're bullish and holding a long position, the green exchange costs you least to stay in.
APR spread = the annualized difference between the highest and lowest rate for that pair. A spread of 10%+ is where delta-neutral funding arbitrage becomes interesting: short on the high-rate exchange, long on the low-rate exchange, collect the spread.
Negative rates (green numbers) = shorts are paying longs. Being long on a negative-funding exchange earns you money to hold — the market is positioned heavily short.
Why funding rates differ between exchanges
Each exchange runs a completely independent perpetual contract. The funding rate reflects the imbalance between long and short open interest on that exchange's order book alone. If Bybit's retail base is heavily long BTC while Binance's is more balanced, Bybit's rate will be higher — even for the same underlying asset at nearly the same price.
Rate differences of 0.01–0.02%/8h are noise (fees and execution costs eliminate the edge). Differences above 0.03%/8h (~33% annualized on notional) are worth noting. Above 0.05%/8h the spread can survive round-trip execution costs on liquid pairs and becomes a real opportunity for well-capitalized traders who can margin both sides simultaneously.
Funding rate arbitrage — the delta-neutral trade
The mechanics: short the perp on the high-funding exchange, long the same perp on the low-funding exchange. You are delta-neutral (price moves cancel). Every 8 hours you receive funding on the short and pay less on the long, pocketing the spread. The main risks are: (1) margin requirement on both sides, (2) rates converging before you close, (3) execution slippage on entry and exit, (4) exchange risk. See the funding rate arbitrage calculator for exact P&L math.
FAQ
Why do funding rates differ between exchanges?
Each exchange runs its own perpetual contract with a separate order book. If more traders are long on Bybit than on Binance, Bybit's funding rate will be higher. Differences of 0.01–0.03%/8h are common; anything above 0.05%/8h between exchanges is a meaningful arbitrage signal.
Which exchange has the lowest funding rate for longs?
It changes constantly — the table above shows live rates for all three exchanges simultaneously. As a general pattern, rates tend to be similar but diverge during high-volatility periods or when one exchange's user base leans more directional.
How does cross-exchange funding arbitrage work?
If Bybit BTC funding is +0.08%/8h and Binance is +0.03%/8h, you can short BTC perp on Bybit and long BTC perp on Binance — delta neutral, collecting the 0.05%/8h spread (~55%/yr annualized). The main risks are margin on both sides, execution slippage, and the spread narrowing.
What does a negative funding rate mean?
Negative funding means shorts pay longs — the market is weighted toward short positions. This often happens after sharp drops or during bearish sentiment. Being long in a negative-funding environment earns you money while you hold.
How often is this page updated?
The table fetches live from exchange public APIs on every page load and refreshes every 5 minutes. No API key is required — all data is from public endpoints.