What carryroom is
carryroom is a site for viewing public market data that compares the funding rates of crypto perpetual futures (perps) across 47 exchanges. The same asset carries different rates on different exchanges, so we take the cross-exchange arbitrage pairs that capture that gap and rank them by net carry after the cost of getting in and out.
What that shape is called, why the rates differ from one exchange to the next, and what is left after costs are set out under what funding rate arbitrage is. The steps for putting one on are under how to run a funding rate arbitrage.
The assets covered include Bitcoin (BTC) and Ethereum (ETH) among others. Exactly which assets on which exchanges are listed is set out in full under "Filter by exchange" on Sustained carry (that is also the list of exchanges covered).
What you can see here: funding rates compared exchange by exchange / the gap across exchanges (net spread) / the figure expressed as an annual rate / net carry after fees and price slippage / how many days it takes to earn the costs back / an estimate for spot yield combined with a short in the perpetual future.
A perpetual future has no expiry. To keep its price from drifting too far from spot, money is passed at regular intervals between those who are long and those who are short. Each exchange sets that rate on its own, so the same asset ends up with different rates. Sell on the higher side, buy on the lower side and hold both at once, and the gains and losses from price moves cancel out, leaving only the difference — that is the mechanism this site covers.
The exchanges covered here come in two kinds. A decentralised exchange (DEX) lets you trade simply by connecting a wallet, and you keep custody of your own assets. A centralised exchange (CEX) requires you to open an account and pass identity verification (KYC), and it holds your assets for you. Right now we compare 26 decentralised, 18 centralised, and 3 that sit in between. In between means an exchange that settles on the blockchain yet still requires an account. More on the kinds of exchange.
That gap only means something if it survives the cost of getting in and out — exchange fees, the spread between bid and ask, and the worse price you get when you fill in a hurry. The figures this site shows are built around the amount after those costs. More on how it works.
Which data we use
We collect the following continuously from the APIs of each exchange and of the providers that publish yields. We take public information only; no accounts and no API keys are used.
- Funding rates, and realised funding as actually paid and received — recorded in line with each exchange's funding interval (hourly, four-hourly, eight-hourly and so on).
- Open interest and volume — used as a guide to how much you can actually put on.
- Bid and ask quotes — what you can buy at and what you can sell at. We use them to measure how much worse a price you get when you place an order.
- Price history, minute by minute — used to measure how far prices move and how much room is left before liquidation.
- Spot yields and borrowing interest — the rate for depositing spot (the source is given row by row on Yield hedge) and the interest for borrowing against spot as collateral.
Collection runs at roughly one-minute intervals, and the screen refreshes every few tens of seconds. When data ingestion falls behind, we say so at the top of the screen and hold the evaluation back.
How to read the numbers
The figures on screen — "realised annual rate", "net carry", "stability", "giveback", "the most leverage that would have survived" and the rest — are all summaries of the record so far. What each one means is collected under Terms and how to read the numbers.
What this site does not do
- It does not connect to your exchange accounts. It holds no API keys, no private keys and no balances.
- It does not place orders. No order can be sent from this site at all.
- It does not give investment advice. What is shown is observed figures and an explanation of them, not a recommendation to buy or sell.
- It does not forecast future prices or returns. Every figure shown rests on past observation.
Operator
The operator's name and address are posted on the Japanese page: Contact (Japanese)
| Contact | support@carryroom.com |
|---|
The above is published to make the operating entity clear.
Questions we are asked
Who runs this site? Where do I write to you?
The operator's name and address are posted as an image on the Japanese page.
The contact email address is printed as text on all three language versions, so it reaches us whichever language you read. If you find a mistake in the text, or figures that do not match, please write to that address.
- Japanese page: being an image, the name and address cannot be copied as text.
- English and Chinese pages: they link through to that Japanese contact page.
Which exchanges are covered? Where is the full list?
The list is under "Narrow by exchange" on Sustained carry, where every exchange this site puts on screen appears.
There are two groups, and the two together are the list of exchanges covered. Which assets are listed is the table on that same screen, and what figures we take is set out on this page under "Which data we use".
- Above: the exchanges shown by default.
- Below: the exchanges not shown by default (marked with a warning sign beside the name).
How current are the figures? Do they update if I leave the page open?
The figures are about four minutes old, and the only screens that update while you leave them open are the top list and Sustained carry.
Collection runs about once a minute, but it takes a few minutes more before the figures are written out to where the screens read them, so they are not a minute old. The allowance is four minutes (one to collect, three to write out), and in practice it can take longer: measured on 2026-08-15, collection took 115 seconds at the median and the write-out finished at 279. When the newest quote is more than 12 minutes old — that allowance times three — "Data delayed — evaluation paused" appears at the top of the screen and we stop putting that screen's figures forward as something to judge on.
- The top list and Sustained carry: they refresh on their own every 30 seconds.
- The pair detail, Yield hedge and this page: they do not refresh themselves, so reload them.
I cannot find an exchange I know. Is everything listed?
Not everything: there are two ways an exchange comes off the screen — two are removed even from the filter options, and three are simply not shown by default.
Full removal covers the older version of EdgeX, which shut down as a service so we stopped collecting it on 2026-08-15, and BitMEX, where we have not collected a single bid or offer so picking it would only ever return no rows; neither is hidden because it is dangerous. The three not shown by default appear once you tick them under "Narrow by exchange", carry a warning sign beside the name, and while they are kept off the screen their names and reasons are listed in the fold-out below the table. "Unverified, so it looks doubtful" is not a reason we use, because on that basis the more we hide the further the screen drifts from reality; the bar is strictly evidence that the figures shown are themselves wrong, such as these measurements:
- The same price being reused, so prices outside the range the market moved in are published.
- Prices coming out at 1000 times the real figure.
- The reference price being missing for every asset, so we cannot check whether one asset has been mistaken for another.
Can the exchanges listed here be used from Japan? Are they overseas exchanges?
This site does not filter exchanges by whether you are able to trade on them from where you live, so some of the ones listed cannot in practice be used by residents of Japan.
The ones we know to be in that position are Bybit, Binance and OKX, and all three are still shown by default. That is because the only reason this site withholds an exchange is evidence that the figures shown for it are themselves wrong — a test about the data. Mixing in a second test about which jurisdiction you are in would leave exchanges in the same situation treated differently. Whether you can open an account is decided by the exchange and by the rules where you live; we do not arrange registrations and state no view on it. Being listed here is not a statement that an exchange is registered with Japan's Financial Services Agency — for most of them it is not.
- Exchanges not shown by default are a separate matter again — their names and reasons are in the fold-out below the table.
- What it takes to start trading differs by the kind of exchange; the kinds are listed on "Terms and how to read the numbers".
What is the "Go ahead with this pair" button? Does pressing it place an order?
Pressing it does not place an order.
The button only appears for someone running their own trading tool on the same computer; it hands over the selling exchange, the buying exchange and exactly which contract each side is, and opens that tool's preparation screen in a new tab — nothing more. The order is placed by hand in that tool.
- If the tool does not answer, the button does not appear at all.
- It is also not shown for a pair where one side is spot, because that preparation screen only handles perpetual futures (perps) on both sides and cannot yet handle borrowing against spot as collateral.
Do I have to connect an exchange account or an API key to this site?
No. This site reads public data only, and connects to no account and no key.
There is nothing here that places an order, so there is nothing a key could be used for: you place each of the two orders yourself, on each exchange's own screen. Even the one button that hands anything over, "Go ahead with this pair", hands it to a tool running on your own computer — your browser reaches it there, and none of that passes through this site's server.
- What that button hands over: the selling exchange, the buying exchange, and which contract each side is.
- Every figure here is built from what the exchanges publish openly, so none of it depends on anyone's account.
Do I need to register to read this? What about personal data and cookies?
No registration is required, and we never ask you to enter a name, address, telephone number or email address.
The full statement is on the privacy policy page.
- What is recorded: the server and the delivery platform (Cloudflare) record the time of access, the referring page, the IP address and the browser type, as any ordinary site does — for dealing with faults and preventing unauthorised access, not for identifying individuals.
- Site analytics: we have no tool in place at the moment.
- Advertising: we run third-party advertising (Google AdSense), and cookies may be used for those advertisements; cookies and personalised advertising can be turned off from Google's ad settings.