DOT · Funding gap between exchanges

Loading how the funding accumulates…

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Opens the trading tool running on this computer, with the sell side and buy side carried over. Orders are placed by hand in that tool.

Pair summary

Net spread (per 8 hours): ▲ +0.00%
Current annualised rate ⓘ A reference figure: the gap at this very moment, turned into an annual rate as if it lasted a whole year. It is a different number from the "realised annual rate" below and from the "realised annual rate" on the sustained carry page (the average of what has actually been received and paid), and one can be a plus while the other is a minus: +4.4%/yr (per 8h +0.00%)
Realised annual rate (what has actually been received and paid) ⓘ The measured figure: the slope of the cumulative chart below, turned into an annual rate. It uses only what has actually been received and paid — the record so far — so it can differ from the current rate (realised = the past; current rate = this one instant): → shown on the cumulative chart below
Net carry (holding for 2 days): -0.23%
Net carry by holding period, 1 / 3 / 7 days ⓘ For the same pair, the net carry changes with how many days you hold it (what you receive piles up day by day, while the cost is close to a fixed amount). The number of days at which it turns from negative to positive is a guide to the minimum you need to hold.: -0.23% / -0.23% / -0.22%
How the price has been moving (sell side / buy side): Not enough data to judge Trending

The breakdown of the two legs

Which side	Exchange / symbol	What you receive or pay (per 8 hours) ⓘ What you receive or pay (per 8 hours) This column is the amount that comes in to you or goes out from you when you hold that side at that exchange.A plus is money that comes in to you, a minus is money that goes out from you.At exchanges that publish only one rate, the row for the side you buy comes out with the opposite sign from the number shown on that exchange's own screen (because the same funding sends money the other way round for selling and for buying).At exchanges that publish separate rates for the sell side and the buy side, that side's value is turned the way round of what comes in to you and goes out from you.Adding the two rows together gives the net spread in this direction.	Open interest ⓘ Open interest The amount still open and not yet settled on that exchange. The smaller it is, the less you can put on and the worse the price you get. — means the exchange does not publish the figure, not that the figure is small.	Settlement interval
Selling side (the higher funding rate)	Bybit·USDT	+11.0%/yr (per 8h +0.01%) You receive 11.0%/yr	$8.4M	every 8 hours
Buying side (the lower funding rate)	Bitget·USDT	-6.6%/yr (per 8h -0.01%) You pay 6.6%/yr	$17.0M	every 8 hours

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The sell side is the exchange with the higher funding rate, and the buy side is the lower one.On the Sell side exchange, you receive funding.On the Buy side exchange, you pay funding.The two exchanges' receipts and payments added together is your share (the net spread).It is positive right now, so it piles up in your hands while you hold.

Breakdown of the pair's net carry

Assumes holding for 6 funding payments · Sell side = the exchange with the higher funding Buy side = the lower one

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この表はあなたから見た金額です。プラスはあなたに入るお金、マイナスは出ていくお金を表します。

Funding received and paid (both exchanges combined, over the holding period)	+0.02%
Gain or loss as the price gap between the two exchanges narrows	-0.01%
Cost of opening (both exchanges, the part paid while holding)	-0.18%
Set aside in case it turns out worse than expected (based on the worse market)	-0.06%
= Net carry of the pair (while holding)	-0.23%
For reference: cost of closing (paid separately when you close)	-0.18%

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Every figure is a share of the amount you opened with. While you hold, the only cost you actually pay is the cost of opening (half of the round trip); the cost of closing is paid when you actually close. So "net carry while holding" = what you receive − the cost of opening − what is set aside in case it turns out worse, and once the cost of opening has been earned back, it builds up the longer you hold. What is left when you close is that figure with the cost of closing taken out as well. The ranking is made on this value, not on the apparent gap.

While holding, only the cost of opening; the cost of closing comes when you close

Questions we are asked

How current are the figures on this page, and how often do they change?

The figures reach the page a few minutes after the exchanges.

The newest time included is shown at the bottom as "Last updated". If no new value arrives for 12 minutes, a delay banner appears at the top and asks you to treat the featured pair as reference only.

Fetch: from the exchanges about once a minute
Write: one more step, about every three minutes, before the page can read them
The record of funding actually exchanged, used to decide what gets listed: the last 30 days

Nothing is featured today and the list is empty. Is something broken?

Nothing is broken — when no combination meets the conditions, the page leaves the ranking empty instead of filling it in.

It then says there is no chance to get in and out within two days, and names which of the three below the candidates ran into (the counts per reason appear only when at least a featured pair is present, so a fully empty day shows none). Separately, before those three are applied, a market whose open interest does not reach the floor is dropped on either exchange's side, before any pair is formed at all; the floor amount is printed at the bottom of the page. Candidates meant to be held for days or longer are listed on Sustained carry.

Nothing is left once costs are taken out
The direction is not clear
The gain is buried in the day-to-day swings

How is "The research model's pick" at the top different from the list below?

The list below is this site's own ranking from current values and the funding actually exchanged, while the top pick is a research model's prediction.

The model is built on the funding actually exchanged over the past three months, predicts the net carry if the position were held for seven days (three days when there is no seven-day prediction), and is recomputed every day. Nothing is actually traded and the record is kept on paper, so it is reference information, not investment advice. On a day when any of the conditions below fail, the page says "Model standing by".

The prediction lands in the top tenth and is positive
It clears the same three conditions as the list
The direction has not turned the other way recently
The open interest floor is met

How many rows can the list hold, and what decides the order?

The list holds at most 8 rows, ordered by net carry after costs, largest first.

Usually the featured pair at the top is also the list's number one, so the total is 8; only when "The research model's pick" brings in a combination that is not in the list does the total reach 9 (rows run up to #9). Candidates are taken from the top 16, and the first 8 that clear the conditions fill the list.

First: the pair's net carry after costs — six funding payments, about two days on an exchange that settles every 8 hours
Ties: the larger net spread per 8 hours
Ties there: by asset name

Can I see the other exchange-to-exchange combinations for the same asset?

This list shows only one combination per asset; the others are on Sustained carry.

When the same asset is quoted on three or more exchanges, it picks the sell side and buy side that leave the largest take per 8 hours. Sustained carry lists a separate row for each pair of exchanges on the same asset, but it applies its own conditions on how long the record is and how stable it has been, so some combinations do not appear there either. The exception is "The research model's pick", which rebuilds exactly the exchange combination the model chose, so it can be a combination that is not in this list.

What do the row marks "Direction flipped recently" and "Realised and current disagree" mean?

Both mark a disagreement between the current rate and what has actually been paid and received.

They are shown on the list itself so that you do not first learn of it after opening the detail page.

"Direction flipped recently": the spread per 8 hours is positive right now, while the funding actually exchanged over the last 3 days adds up to a negative
"Realised and current disagree": the cumulative total over the last 30 days is sloping down (negative once converted to an annual rate)