Funding rate arbitrage, live
The same coin often pays different funding on different exchanges. This scanner lists the widest live funding rate spreads between the 10 exchanges tracked: go long where funding is lower and short where it is higher, so the price exposure roughly cancels while you collect the difference. Spreads are shown per 8 hours and annualised (APR). Check both legs' liquidity and fees, and remember funding can change every interval: this is not risk-free and not financial advice.
Accounts you'll need
Each spread has two legs, usually on two different exchanges, so you need a funded account on both before you can take it.Bybit Trade on Bybit
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Funding spreads: long the low leg, short the high leg
Compare all columns: scroll horizontally, or focus the table and use the arrow keys.
| Coin | Spread / 8h | APR | Long leg · lower funding | Short leg · higher funding | Trade | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funding | OI | Vol 24h | Funding | OI | Vol 24h | ||||
| IDOL · APR calc | 0.2028% | 222.0% | Bitget 0.0100% | $3.22M | $4.57M | Aster 0.2128% | $3.13M | $795K | Long Bitget ↗ Short Aster ↗ |
| POWER · APR calc | 0.4174% | 457.1% | Bitget -0.3584% | $1.08M | $301K | MEXC 0.0590% | $4.42M | $117K | Long Bitget ↗ Short MEXC ↗ |
| OPG · APR calc | 0.1820% | 199.3% | Bybit -0.1720% | $1.02M | $1.12M | Binance 0.0100% | $8.23M | $5.16M | Long Bybit ↗sign up Short Binance ↗ |
| PEPE · APR calc | 0.0521% | 57.0% | Binance USDC -0.0421% | $5.33M | $42.50M | HL 0.0100% | $31.40M | $87.33M | Long Binance ↗ Short HL ↗sign up |
| JCT · APR calc | 0.0906% | 99.2% | Binance 0.0100% | $23.51M | $597.62M | Bybit 0.1006% | $4.59M | $130.06M | Long Binance ↗ Short Bybit ↗sign up |
| NVDA · APR calc | 0.0666% | 72.9% | Bybit 0.0196% | $29.44M | $178.84M | HL HIP-3 0.0862% | $3.16M | $15.06M | Long Bybit ↗sign up Short HL ↗sign up |
| AVAX · APR calc | 0.0908% | 99.4% | Lighter USDC -0.0808% | $2.27M | $2.00M | Bitget 0.0100% | $11.98M | $19.44M | Long Lighter ↗ Short Bitget ↗ |
| GRAM · APR calc | 0.0738% | 80.8% | KuCoin -0.0076% | $7.13M | $37.17M | Aster 0.0662% | $4.96M | $3.34M | Long KuCoin ↗ Short Aster ↗ |
| GOOGL · APR calc | 0.0653% | 71.5% | HL HIP-3 0.0125% | $88.74M | $68.67M | HTX 0.0778% | $1.32M | $179K | Long HL ↗sign up Short HTX ↗ |
| PONS · APR calc | 0.0625% | 68.4% | Bybit 0.0085% | $4.60M | $12.50M | Gate 0.0710% | $9.36M | $1.64M | Long Bybit ↗sign up Short Gate ↗ |
| IRYS · APR calc | 0.0908% | 99.4% | KuCoin -0.0808% | $3.56M | $8.26M | Binance 0.0100% | $3.75M | $13.23M | Long KuCoin ↗ Short Binance ↗ |
| CLO · APR calc | 0.0887% | 97.1% | KuCoin 0.0100% | $1.11M | $1.01M | Binance 0.0987% | $3.18M | $5.04M | Long KuCoin ↗ Short Binance ↗ |
| JPY · APR calc | 0.0554% | 60.6% | HL HIP-3 -0.0154% | $16.68M | $3.31M | MEXC 0.0400% | $12.45M | $118K | Long HL ↗sign up Short MEXC ↗ |
| PRL · APR calc | 0.0646% | 70.7% | Binance 0.0100% | $1.43M | $1.09M | KuCoin 0.0746% | $1.03M | $1.83M | Long Binance ↗ Short KuCoin ↗ |
| JELLYJELLY · APR calc | 0.0824% | 90.2% | Binance 0.0100% | $3.92M | $1.23M | KuCoin 0.0924% | $5.97M | $1.06M | Long Binance ↗ Short KuCoin ↗ |
| COAI · APR calc | 0.0598% | 65.5% | Binance 0.0100% | $2.05M | $726K | KuCoin 0.0698% | $1.37M | $862K | Long Binance ↗ Short KuCoin ↗ |
| ZEC · APR calc | 0.0258% | 28.3% | Bitget -0.0158% | $58.83M | $305.44M | HL 0.0100% | $199.95M | $722.46M | Long Bitget ↗ Short HL ↗sign up |
| SOL · APR calc | 0.0300% | 32.9% | KuCoin -0.0200% | $8.12M | $863K | HL 0.0100% | $191.84M | $234.71M | Long KuCoin ↗ Short HL ↗sign up |
| XAU · APR calc | 0.0216% | 23.6% | MEXC 0.0202% | $450.52M | $474.47M | HTX 0.0418% | $3.50M | $8.18M | Long MEXC ↗ Short HTX ↗ |
| INJ · APR calc | 0.0361% | 39.6% | Bybit -0.0247% | $7.74M | $33.39M | MEXC 0.0114% | $14.18M | $19.93M | Long Bybit ↗sign up Short MEXC ↗ |
| CL · APR calc | 0.0234% | 25.6% | Bybit -0.0938% | $16.47M | $74.15M | KuCoin -0.0704% | $4.56M | $1.68M | Long Bybit ↗sign up Short KuCoin ↗ |
| ONDO · APR calc | 0.0277% | 30.3% | Bybit -0.0177% | $20.79M | $35.01M | Binance 0.0100% | $35.26M | $70.90M | Long Bybit ↗sign up Short Binance ↗ |
| SPCX · APR calc | 0.0213% | 23.3% | Bybit 0.0000% | $24.42M | $60.24M | HTX 0.0213% | $1.49M | $1.68M | Long Bybit ↗sign up Short HTX ↗ |
| LTC · APR calc | 0.0448% | 49.0% | Bybit -0.0348% | $1.94M | $380K | Binance 0.0100% | $7.43M | $2.23M | Long Bybit ↗sign up Short Binance ↗ |
| QNT · APR calc | 0.0240% | 26.3% | Bitget -0.0140% | $3.27M | $7.45M | KuCoin 0.0100% | $7.44M | $2.28M | Long Bitget ↗ Short KuCoin ↗ |
| DOT · APR calc | 0.0312% | 34.2% | KuCoin -0.0212% | $8.96M | $26.11M | Gate 0.0100% | $14.27M | $4.81M | Long KuCoin ↗ Short Gate ↗ |
| NBIS · APR calc | 0.0387% | 42.4% | HL HIP-3 0.0050% | $13.76M | $51.34M | HL HIP-3 0.0437% | $3.61M | $4.02M | Long HL ↗sign up Short HL ↗ |
| JUP · APR calc | 0.0469% | 51.4% | HL -0.0369% | $3.81M | $4.92M | KuCoin 0.0100% | $2.56M | $20.11M | Long HL ↗sign up Short KuCoin ↗ |
| OP · APR calc | 0.0377% | 41.3% | Gate -0.0277% | $5.03M | $815K | Bybit 0.0100% | $4.62M | $9.70M | Long Gate ↗ Short Bybit ↗sign up |
| RENDER · APR calc | 0.0374% | 41.0% | KuCoin -0.0274% | $3.98M | $17.19M | Binance 0.0100% | $9.87M | $17.74M | Long KuCoin ↗ Short Binance ↗ |
| XPL · APR calc | 0.0480% | 52.5% | Bybit -0.0380% | $9.31M | $10.45M | Binance 0.0100% | $29.04M | $23.21M | Long Bybit ↗sign up Short Binance ↗ |
| ETHFI · APR calc | 0.0218% | 23.9% | Gate -0.0118% | $7.71M | $1.73M | Binance 0.0100% | $28.23M | $26.41M | Long Gate ↗ Short Binance ↗ |
| UNITREE · APR calc | 0.0436% | 47.8% | Bybit -0.0376% | $2.51M | $5.26M | HL HIP-3 0.0060% | $1.33M | $3.13M | Long Bybit ↗sign up Short HL ↗sign up |
| MEGA · APR calc | 0.0348% | 38.1% | Bybit -0.0248% | $1.61M | $4.91M | Binance 0.0100% | $9.29M | $14.85M | Long Bybit ↗sign up Short Binance ↗ |
| SPX · APR calc | 0.0380% | 41.6% | KuCoin -0.0280% | $3.53M | $2.61M | MEXC 0.0100% | $6.06M | $2.61M | Long KuCoin ↗ Short MEXC ↗ |
| ETC · APR calc | 0.0326% | 35.7% | Binance -0.0226% | $1.52M | $420K | Bitget 0.0100% | $3.29M | $1.58M | Long Binance ↗ Short Bitget ↗ |
| BZ · APR calc | 0.0439% | 48.1% | Bybit -0.1673% | $7.86M | $24.51M | KuCoin -0.1234% | $3.08M | $1.33M | Long Bybit ↗sign up Short KuCoin ↗ |
| POL · APR calc | 0.0234% | 25.6% | Gate -0.0134% | $4.44M | $726K | KuCoin 0.0100% | $2.57M | $150K | Long Gate ↗ Short KuCoin ↗ |
| AVNT · APR calc | 0.0200% | 21.9% | KuCoin -0.0100% | $1.31M | $3.52M | Binance 0.0100% | $2.35M | $2.16M | Long KuCoin ↗ Short Binance ↗ |
| SKYAI · APR calc | 0.0386% | 42.3% | Binance 0.0100% | $5.16M | $4.22M | KuCoin 0.0486% | $1.21M | $302K | Long Binance ↗ Short KuCoin ↗ |
| XRP · APR calc | 0.0115% | 12.6% | Bybit -0.0015% | $16.52M | $15.36M | Binance 0.0100% | $324.68M | $845.38M | Long Bybit ↗sign up Short Binance ↗ |
| DOGE · APR calc | 0.0105% | 11.5% | HL -0.0005% | $23.83M | $16.94M | HTX 0.0100% | $4.97M | $14.99M | Long HL ↗sign up Short HTX ↗ |
| BNB · APR calc | 0.0114% | 12.5% | HTX 0.0000% | $6.58M | $3.59M | Binance USDC 0.0114% | $49.63M | $66.70M | Long HTX ↗ Short Binance ↗ |
| UNI · APR calc | 0.0120% | 13.1% | Bitget -0.0020% | $12.69M | $21.35M | HL 0.0100% | $32.08M | $23.62M | Long Bitget ↗ Short HL ↗sign up |
| SNDK · APR calc | 0.0164% | 17.9% | Bybit 0.0000% | $22.55M | $100.11M | HL HIP-3 0.0164% | $68.18M | $256.94M | Long Bybit ↗sign up Short HL ↗sign up |
| LIT · APR calc | 0.0194% | 21.2% | Bitget -0.0094% | $2.05M | $2.40M | Bybit 0.0100% | $30.24M | $40.66M | Long Bitget ↗ Short Bybit ↗sign up |
| FIL · APR calc | 0.0163% | 17.8% | KuCoin -0.0063% | $4.99M | $39.07M | Binance 0.0100% | $35.53M | $62.94M | Long KuCoin ↗ Short Binance ↗ |
| XLM · APR calc | 0.0142% | 15.5% | Bitget -0.0042% | $8.86M | $6.32M | HL 0.0100% | $3.97M | $1.65M | Long Bitget ↗ Short HL ↗sign up |
| ASTER · APR calc | 0.0192% | 21.0% | Gate -0.0092% | $18.60M | $891K | Aster 0.0100% | $104.20M | $26.58M | Long Gate ↗ Short Aster ↗ |
| CRWV · APR calc | 0.0146% | 16.0% | Bybit 0.0000% | $1.95M | $17.92M | HL HIP-3 0.0146% | $5.53M | $76.65M | Long Bybit ↗sign up Short HL ↗sign up |
| VVV · APR calc | 0.0150% | 16.4% | KuCoin -0.0050% | $1.86M | $880K | Binance 0.0100% | $19.09M | $35.65M | Long KuCoin ↗ Short Binance ↗ |
| ICP · APR calc | 0.0112% | 12.3% | KuCoin -0.0012% | $4.93M | $4.16M | Binance 0.0100% | $21.12M | $36.85M | Long KuCoin ↗ Short Binance ↗ |
| CRV · APR calc | 0.0119% | 13.0% | Binance -0.0019% | $16.82M | $21.12M | KuCoin 0.0100% | $6.50M | $29.65M | Long Binance ↗ Short KuCoin ↗ |
| HBAR · APR calc | 0.0143% | 15.7% | Bybit -0.0043% | $11.47M | $10.62M | Gate 0.0100% | $9.26M | $410K | Long Bybit ↗sign up Short Gate ↗ |
| SNXX · APR calc | 0.0104% | 11.4% | Bybit 0.0000% | $3.94M | $32.20M | HL HIP-3 0.0104% | $2.63M | $16.25M | Long Bybit ↗sign up Short HL ↗sign up |
| WLFI · APR calc | 0.0112% | 12.3% | Gate -0.0012% | $10.54M | $1.52M | Binance 0.0100% | $163.95M | $20.25M | Long Gate ↗ Short Binance ↗ |
| MET · APR calc | 0.0140% | 15.4% | Binance -0.0040% | $3.55M | $12.00M | Bybit 0.0100% | $1.37M | $3.64M | Long Binance ↗ Short Bybit ↗sign up |
| STRK · APR calc | 0.0120% | 13.1% | Bitget -0.0020% | $1.21M | $2.17M | Binance 0.0100% | $14.52M | $19.36M | Long Bitget ↗ Short Binance ↗ |
| PYTH · APR calc | 0.0164% | 18.0% | Bitget -0.0064% | $1.71M | $2.12M | Bybit 0.0100% | $3.49M | $4.08M | Long Bitget ↗ Short Bybit ↗sign up |
| ATOM · APR calc | 0.0112% | 12.3% | KuCoin -0.0012% | $2.14M | $537K | Gate 0.0100% | $3.66M | $392K | Long KuCoin ↗ Short Gate ↗ |
| VIRTUAL · APR calc | 0.0156% | 17.1% | Bybit -0.0056% | $4.27M | $5.27M | Binance 0.0100% | $11.48M | $11.49M | Long Bybit ↗sign up Short Binance ↗ |
| MNT · APR calc | 0.0146% | 16.0% | Bybit -0.0046% | $1.29M | $423K | HL 0.0100% | $1.62M | $403K | Long Bybit ↗sign up Short HL ↗sign up |
| EIGEN · APR calc | 0.0170% | 18.6% | KuCoin -0.0070% | $1.51M | $8.51M | Binance 0.0100% | $4.24M | $7.23M | Long KuCoin ↗ Short Binance ↗ |
| JASMY · APR calc | 0.0157% | 17.2% | Bybit -0.0057% | $1.29M | $1.63M | KuCoin 0.0100% | $2.17M | $7.92M | Long Bybit ↗sign up Short KuCoin ↗ |
| ALGO · APR calc | 0.0114% | 12.5% | Bybit -0.0014% | $3.07M | $2.85M | HL 0.0100% | $1.23M | $521K | Long Bybit ↗sign up Short HL ↗sign up |
| TSM · APR calc | 0.0162% | 17.8% | Bybit 0.0000% | $1.22M | $1.23M | HL HIP-3 0.0162% | $4.87M | $8.99M | Long Bybit ↗sign up Short HL ↗sign up |
| TA · APR calc | 0.0155% | 17.0% | Bybit 0.0100% | $1.57M | $1.37M | Binance 0.0255% | $11.86M | $6.16M | Long Bybit ↗sign up Short Binance ↗ |
| MUBARAK · APR calc | 0.0194% | 21.2% | Binance 0.0100% | $10.09M | $4.95M | Gate 0.0294% | $3.94M | $780K | Long Binance ↗ Short Gate ↗ |
| VET · APR calc | 0.0114% | 12.5% | KuCoin -0.0014% | $2.77M | $2.00M | MEXC 0.0100% | $11.42M | $355K | Long KuCoin ↗ Short MEXC ↗ |
| SYN · APR calc | 0.0198% | 21.7% | Binance 0.0100% | $5.74M | $3.19M | Aster 0.0298% | $2.24M | $119K | Long Binance ↗ Short Aster ↗ |
| LIGHT · APR calc | 0.0166% | 18.2% | Binance 0.0100% | $5.72M | $2.25M | KuCoin 0.0266% | $2.36M | $1.35M | Long Binance ↗ Short KuCoin ↗ |
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How to read it. Funding is shown per 8 hours for every exchange: Hyperliquid pays hourly and many Binance and Bybit perps pay every 4h or 1h, so each rate is converted to its 8-hour equivalent (hourly × 8, 4-hourly × 2). Positive = longs pay shorts, negative = shorts pay longs. Green is above the usual 0.01% / 8h baseline, red is negative, bold is extreme (≥ 0.1% / 8h). APR = 8h rate × 3 × 365, without compounding.
Exchange columns show the coin's market with the most open interest on that exchange (usually the USDT perp; Hyperliquid may be a HIP-3 market); hover for every market. Spread is the highest minus the lowest funding across all of the coin's perp markets.
OI and price changes come from 5-minute snapshots this site records itself, A change shows "—" when a market has less history than that window, such as a new listing.
Before you trade a spread, check whether it has lasted (the 7-day persistence table below) and what it earns after fees with the arbitrage APR calculator; the APR calc link on each row opens it with both legs filled in. Funding arbitrage cash flows, fees and risks explained.
Funding intervals. A small tag such as 4h or 1h after a rate marks a market that settles funding more often than every 8 hours (untagged markets settle every 8h). Hover a rate for its interval, the predicted payment at the next settlement and the time left until it. Each coin's funding page lists the next settlement per exchange.
Do these spreads last? 7-day persistence
The 25 widest live spreads, ≥ $1M OI per leg · 4 of 25 held ≥ 80% of hours| Coin | Long leg | Short leg | Spread / 8h | APR | 24h avg | 7d avg | Held | Streak | |
|---|---|---|---|---|---|---|---|---|---|
| INIT | Bybit -3.7893% ↗ | Gate -0.8360% ↗ | 2.9533% | 3233.9% | 2.2001% | 0.7096% 777.0% | 81% of 167h | 5h | APR calc |
| POWER | Bitget -0.3584% ↗ | MEXC 0.0590% ↗ | 0.4174% | 457.1% | 0.1252% | 0.1952% 213.7% | 69% of 167h | 4h | APR calc |
| ERA | Bybit -1.2389% ↗ | Binance -0.9929% ↗ | 0.2460% | 269.4% | 0.1036% | 0.0442% 48.4% | 53% of 167h | 10h | APR calc |
| IDOL | Bitget 0.0100% ↗ | Aster 0.2128% ↗ | 0.2028% | 222.0% | 0.1074% | 0.1667% 182.5% | 100% of 167h | 167h | APR calc |
| OPG | Bybit -0.1720% ↗ | Binance 0.0100% ↗ | 0.1820% | 199.3% | 0.0207% | 0.0230% 25.2% | 80% of 167h | 0h | APR calc |
| CYBER | Bybit -0.4681% ↗ | KuCoin -0.3096% ↗ | 0.1585% | 173.6% | 0.1012% | 0.0575% 63.0% | 54% of 167h | 12h | APR calc |
| AGT | KuCoin 0.1708% ↗ | MEXC 0.3102% ↗ | 0.1394% | 152.6% | 0.0647% | 0.0011% 1.2% | 66% of 167h | 28h | APR calc |
| ESPORTS | Bybit 0.1953% ↗ | Binance 0.3137% ↗ | 0.1184% | 129.6% | 0.0586% | 0.0288% 31.6% | 57% of 167h | 7h | APR calc |
| RIVER | Binance 0.0106% ↗ | Bybit 0.1171% ↗ | 0.1065% | 116.6% | -0.0064% | -0.0038% -4.1% | 39% of 167h | 1h | APR calc |
| ZEST | Binance 0.0176% ↗ | KuCoin 0.1182% ↗ | 0.1006% | 110.1% | 0.0254% | 0.0099% 10.9% | 57% of 167h | 60h | APR calc |
| BTW | KuCoin -0.1038% ↗ | Bitget -0.0056% ↗ | 0.0982% | 107.5% | -0.0217% | 0.0145% 15.8% | 37% of 167h | 3h | APR calc |
| HUMA | Bybit -0.3789% ↗ | Binance -0.2809% ↗ | 0.0980% | 107.3% | -0.2343% | -0.0963% -105.4% | 43% of 167h | 0h | APR calc |
| AVAX | Lighter -0.0808% ↗ | Bitget 0.0100% ↗ | 0.0908% | 99.4% | 0.0099% | 0.0073% 8.0% | 68% of 167h | 10h | APR calc |
| IRYS | KuCoin -0.0808% ↗ | Binance 0.0100% ↗ | 0.0908% | 99.4% | 0.0384% | -0.0282% -30.9% | 9% of 167h | 11h | APR calc |
| JCT | Binance 0.0100% ↗ | Bybit 0.1006% ↗ | 0.0906% | 99.2% | -0.0023% | -0.0722% -79.1% | 23% of 167h | 0h | APR calc |
| CLO | KuCoin 0.0100% ↗ | Binance 0.0987% ↗ | 0.0887% | 97.1% | 0.0216% | 0.0360% 39.5% | 78% of 167h | 14h | APR calc |
| LSK | MEXC -0.0950% ↗ | Gate -0.0126% ↗ | 0.0824% | 90.2% | 0.0459% | 0.0177% 19.3% | 70% of 167h | 22h | APR calc |
| JELLYJELLY | Binance 0.0100% ↗ | KuCoin 0.0924% ↗ | 0.0824% | 90.2% | 0.0278% | -0.0115% -12.6% | 19% of 167h | 6h | APR calc |
| LYN | Binance 0.0101% ↗ | Aster 0.0917% ↗ | 0.0816% | 89.3% | 0.0237% | 0.0623% 68.2% | 93% of 167h | 17h | APR calc |
| ONE | Binance -0.1328% ↗ | KuCoin -0.0562% ↗ | 0.0766% | 83.9% | 0.0088% | -0.0361% -39.6% | 33% of 167h | 6h | APR calc |
| GRAM | KuCoin -0.0076% ↗ | Aster 0.0662% ↗ | 0.0738% | 80.8% | 0.0594% | 0.0122% 13.4% | 46% of 167h | 35h | APR calc |
| SOON | Bitget 0.0100% ↗ | Binance 0.0813% ↗ | 0.0713% | 78.0% | 0.0501% | 0.0280% 30.7% | 67% of 167h | 35h | APR calc |
| MAGMA | Bitget 0.0100% ↗ | Binance 0.0807% ↗ | 0.0707% | 77.4% | 0.0167% | 0.0025% 2.7% | 20% of 167h | 0h | APR calc |
| NVDA | Bybit 0.0196% ↗ | HL io:NVDA 0.0862% ↗ | 0.0666% | 72.9% | -0.0131% | 0.0064% 7.0% | 55% of 167h | 3h | APR calc |
| GOOGL | HL xyz:GOOGL 0.0125% ↗ | HTX 0.0778% ↗ | 0.0653% | 71.5% | 0.0502% | 0.0246% 26.9% | 63% of 167h | 55h | APR calc |
Settled carry history for fixed Binance vs Bybit BTC, ETH and SOL pairs: seven days of recorded, paid funding. A fixed research pair, not the current widest live spread.
Funding rate arbitrage FAQ
What is a funding rate?
Perpetual futures never expire, so exchanges use regular funding payments between longs and shorts to keep the perp price close to spot. When funding is positive, longs pay shorts; when it is negative, shorts pay longs. The rate is a percentage of your position size, paid every funding interval.
Why are all rates shown per 8 hours?
Exchanges pay funding on different schedules: Hyperliquid every hour, Binance and Bybit every 8 hours for most perps but every 4 hours or every hour for some. To compare like with like, every rate here is converted to its 8-hour equivalent. APR is the 8-hour rate × 3 × 365, without compounding.
When is the next funding payment?
Each market settles on its own clock: 8-hour markets usually at 00:00, 08:00 and 16:00 UTC, 4-hour and hourly markets more often. Only positions open at the settlement time pay or receive. The rate an exchange shows before settlement is a prediction that keeps moving with the perp's premium. Hover a rate here, or open a coin's funding page, for the interval, the predicted payment and the time left until the next settlement.
What does open interest tell you?
Open interest (OI) is the total value of open perpetual positions. Rising OI with a rising price usually means new longs are opening; rising OI with a falling price usually means new shorts. Falling OI means positions are being closed or liquidated. High OI together with extreme funding points to a crowded trade that can unwind sharply.
How does funding rate arbitrage work?
When the same coin pays different funding on two markets, you can go long where funding is lower and short where it is higher. Price moves roughly cancel out and you collect the difference. The risks: funding changes every interval and can flip, fees and slippage eat into the edge, the two prices can drift apart, each leg can be liquidated on its own, and you carry exchange risk on both sides.
How long do funding rate spreads last?
Many spreads close within hours, as traders take the other side or the premium that caused them fades; others hold for days, typically on coins where one exchange's traders stay crowded on one side. The persistence table on this page compares the same two markets hour by hour over the last 7 days: how often the spread kept today's direction, its 7-day average and its current streak. A spread that has held most hours is a better candidate than a one-hour spike.
How do I calculate funding arbitrage APR after fees?
Gross APR is the spread per 8 hours × 3 × 365. Subtract trading fees: opening and closing both legs is four taker trades. Divide what's left by the margin you post on both legs to get the return on capital. The arbitrage APR calculator does this with the live rates, your size, holding period, fee and leverage, and shows the days to break even.
Why do some OI and price changes show "—"?
Changes are calculated from 5-minute snapshots that this site records and keeps. A change shows "—" when a market does not have that much history yet, such as a new listing, or for a few minutes while the latest snapshots load.
What are HIP-3 markets?
HIP-3 lets independent builders deploy their own perpetual markets on Hyperliquid, for example on stocks, indices and commodities such as TSLA, NVDA or gold. They are marked HIP-3 here, and several builders can list the same asset. Liquidity is often thinner and funding can behave differently outside stock market hours. See Hyperliquid stock perps for every HIP-3 market with its oracle basis, OI-cap use and US market hours.
Is this financial advice?
No. Swolecharts shows raw public market data for free. Nothing here is a recommendation to trade. Funding, spreads and open interest change constantly, data can be delayed or incomplete, and leveraged trading can lose more than you expect.