Settled carry history: Binance vs Bybit
Recorded, paid funding for one fixed pair of USDT perps over the last seven completed UTC days. This is past settled funding, not the current widest live spread.
Fixed pair: long Binance BTCUSDT perp, short Bybit BTCUSDT perp. This is a fixed research pair, not the current widest live spread.
Window 2026-10-11 00:00:00 UTC to 2026-10-18 00:00:00 UTC. Each cashflow day runs from just after 00:00 UTC up to and including the next 00:00 UTC, so a payment stamped at midnight belongs to the day that ends then. Source read 2026-10-18 21:50:55 UTC · newest recorded settlement 2026-10-18 00:00:00 UTC.
Daily settled funding, BTC
Native paid rates, UTC days · Download CSV| Day (UTC) | Long Binance: paid-rate sum settlements · coverage | Short Bybit: paid-rate sum settlements · coverage | Net received − paid | Cumulative (comparable) | Illustration: 10,000 USDT per leg |
|---|---|---|---|---|---|
| 2026-10-11 6 payments |
0.0009% 3 · 24.0 / 24h |
0.0047% 3 · 24.0 / 24h |
0.0037% | 0.0037% | 0.37 USDT |
| 2026-10-12 6 payments |
0.0106% 3 · 24.0 / 24h |
0.0077% 3 · 24.0 / 24h |
-0.0028% | 0.0009% | -0.28 USDT |
| 2026-10-13 6 payments |
0.0108% 3 · 24.0 / 24h |
0.0087% 3 · 24.0 / 24h |
-0.0021% | -0.0012% | -0.21 USDT |
| 2026-10-14 6 payments |
-0.0044% 3 · 24.0 / 24h |
0.0098% 3 · 24.0 / 24h |
0.0141% | 0.0129% | 1.41 USDT |
| 2026-10-15 6 payments |
0.0139% 3 · 24.0 / 24h |
0.0181% 3 · 24.0 / 24h |
0.0042% | 0.0171% | 0.42 USDT |
| 2026-10-16 6 payments |
0.0211% 3 · 24.0 / 24h |
0.0156% 3 · 24.0 / 24h |
-0.0055% | 0.0116% | -0.55 USDT |
| 2026-10-17 6 payments |
0.0138% 3 · 24.0 / 24h |
0.0155% 3 · 24.0 / 24h |
0.0016% | 0.0132% | 0.16 USDT |
| 7-day total | 0.0132% | 1.32 USDT | |||
Recorded payments by day
Accepted settlements behind each daily sum2026-10-116 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-11 08:00:00 UTC | Binance BTCUSDT | Long | 8h | -0.0010% | 0.10 USDT |
| 2026-10-11 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | -0.0003% | -0.03 USDT |
| 2026-10-11 16:00:00.002 UTC assigned as 16:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0013% | -0.13 USDT |
| 2026-10-11 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0016% | 0.16 USDT |
| 2026-10-12 00:00:00.006 UTC assigned as 00:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0006% | -0.06 USDT |
| 2026-10-12 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0034% | 0.34 USDT |
| Sum of these payments (equals the day's net) | 0.37 USDT | ||||
2026-10-126 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-12 08:00:00.002 UTC assigned as 08:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0019% | -0.19 USDT |
| 2026-10-12 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0057% | 0.57 USDT |
| 2026-10-12 16:00:00.006 UTC assigned as 16:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0019% | -0.19 USDT |
| 2026-10-12 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0023% | 0.23 USDT |
| 2026-10-13 00:00:00.002 UTC assigned as 00:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0067% | -0.67 USDT |
| 2026-10-13 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | -0.0003% | -0.03 USDT |
| Sum of these payments (equals the day's net) | -0.28 USDT | ||||
2026-10-136 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-13 08:00:00.005 UTC assigned as 08:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0083% | -0.83 USDT |
| 2026-10-13 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0056% | 0.56 USDT |
| 2026-10-13 16:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0035% | -0.35 USDT |
| 2026-10-13 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0052% | 0.52 USDT |
| 2026-10-14 00:00:00.001 UTC assigned as 00:00:00 UTC | Binance BTCUSDT | Long | 8h | -0.0010% | 0.10 USDT |
| 2026-10-14 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | -0.0021% | -0.21 USDT |
| Sum of these payments (equals the day's net) | -0.21 USDT | ||||
2026-10-146 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-14 08:00:00.001 UTC assigned as 08:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0015% | -0.15 USDT |
| 2026-10-14 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0048% | 0.48 USDT |
| 2026-10-14 16:00:00.002 UTC assigned as 16:00:00 UTC | Binance BTCUSDT | Long | 8h | -0.0018% | 0.18 USDT |
| 2026-10-14 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0010% | 0.10 USDT |
| 2026-10-15 00:00:00 UTC | Binance BTCUSDT | Long | 8h | -0.0041% | 0.41 USDT |
| 2026-10-15 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0039% | 0.39 USDT |
| Sum of these payments (equals the day's net) | 1.41 USDT | ||||
2026-10-156 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-15 08:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0066% | -0.66 USDT |
| 2026-10-15 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0057% | 0.57 USDT |
| 2026-10-15 16:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0018% | -0.18 USDT |
| 2026-10-15 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0058% | 0.58 USDT |
| 2026-10-16 00:00:00.001 UTC assigned as 00:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0054% | -0.54 USDT |
| 2026-10-16 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0065% | 0.65 USDT |
| Sum of these payments (equals the day's net) | 0.42 USDT | ||||
2026-10-166 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-16 08:00:00.001 UTC assigned as 08:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0068% | -0.68 USDT |
| 2026-10-16 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0091% | 0.91 USDT |
| 2026-10-16 16:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0043% | -0.43 USDT |
| 2026-10-16 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0019% | 0.19 USDT |
| 2026-10-17 00:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0100% | -1.00 USDT |
| 2026-10-17 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0046% | 0.46 USDT |
| Sum of these payments (equals the day's net) | -0.55 USDT | ||||
2026-10-176 recorded payments
| Settlement (raw UTC) | Venue · symbol | Role | Interval | Paid rate (native) | Cashflow, 10,000 USDT leg |
|---|---|---|---|---|---|
| 2026-10-17 08:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0037% | -0.37 USDT |
| 2026-10-17 08:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0051% | 0.51 USDT |
| 2026-10-17 16:00:00.003 UTC assigned as 16:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0037% | -0.37 USDT |
| 2026-10-17 16:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0068% | 0.68 USDT |
| 2026-10-18 00:00:00 UTC | Binance BTCUSDT | Long | 8h | 0.0064% | -0.64 USDT |
| 2026-10-18 00:00:00 UTC | Bybit BTCUSDT | Short | 8h | 0.0036% | 0.36 USDT |
| Sum of these payments (equals the day's net) | 0.16 USDT | ||||
Positive funding is paid by the long and received by the short; cashflows are signed for the selected direction. A raw stamp within 1 second of the hour is assigned to that hour, so a payment at 00:00:00.048 belongs to the day ending at midnight.
How it is calculated. Only recorded, paid settlements are used, at each exchange's native rate per interval: never live quotes, never prorated, normalised to 8 hours or compounded. A positive rate means the long paid the short. Net = the short leg's rate sum minus the long leg's, as a fraction of each leg's notional. Reversing the direction negates the same net. Coverage counts the hours the recorded intervals cover; it checks recorded data, not that the exchange paid nothing else.
Illustration. Historical funding cashflow on an assumed constant 10,000 USDT notional on each leg: 10,000 × net. It excludes price PnL, rebalancing and execution fees, collateral and liquidation effects. It is not a realized trading profit, an APR or a return on capital, and neither direction is a recommendation.
Stored history from: Binance 2019-09-01 00:00:00 UTC · Bybit 2022-01-01 00:00:00 UTC.