Loading how the funding accumulates…
⚠ You cannot actually enter (open interest $3.0K / floor $5.0M) On the smaller of the two exchanges (TxFlow·USDC), $3.0K is left open and unsettled, which is under the $5.0M floor for being listed. You open on both exchanges for real, so one side being large is not enough. The "net spread", "annualised now" and "take" below are worked out as if you had opened at exactly the rates shown.
Pair summary ⚠ You cannot actually enter (open interest $3.0K / floor $5.0M)
- Net spread (per 8 hours)
- +0.01%
- 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 - +11.0%/yr (per 8h +0.01%)
- 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)
- -1.03%
- 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. - -1.04% / -1.03% / -1.02%
- How the price has been moving (sell side / buy side)
- Not enough data to judge Not enough data to judge
The breakdown of the two legs ⚠ You cannot actually enter (open interest $3.0K / floor $5.0M) Margin currencies differ USDC×USDT ⓘ
The two exchanges take margin in different currencies. If the prices of those two drift apart, you gain or lose on that separately from the funding gap (and if one of them is a currency the exchange issues itself, the risk of that issuer failing rides on top). The net carry on this screen does not include this yet.
ⓘ
| 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) | TxFlow·USDC | +11.0%/yr (per 8h +0.01%) You receive 11.0%/yr | $3.0K Below the floor | every 1 hours |
| Buying side (the lower funding rate) | Aster·USDT | +0.0%/yr (per 8h +0.00%) No payment either way | $15.0K Below the floor | every 8 hours |
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 ⓘ
| Funding received and paid (both exchanges combined, over the holding period) | +0.04% |
| Gain or loss as the price gap between the two exchanges narrows | -0.02% |
| Cost of opening (both exchanges, the part paid while holding) | -0.73% |
| Set aside in case it turns out worse than expected (based on the worse market) | -0.33% |
| = Net carry of the pair (while holding) | -1.03% |
| For reference: cost of closing (paid separately when you close) | -0.73% |
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)
One exchange settles funding every hour and another every eight. How can the rates be compared fairly?
They cannot be compared as published, so every rate here is restated as a figure per 8 hours before anything is ranked.
The published rate is multiplied by 8 divided by that exchange's settlement interval in hours. So 0.01% every hour and 0.01% every eight hours are not the same thing — the first is eight times the second. The annual figure is that 8-hour value stretched over three settlements a day for 365 days, with no interest earning interest. How many hours each side settles on is printed on the pair's detail page.
- 0.01% every hour becomes 0.08% per 8 hours
- 0.01% every four hours becomes 0.02% per 8 hours
- 0.01% every eight hours stays 0.01%
- The realised figures are not built from these rates at all — they add up what was actually paid and received
Why is a pair with little open interest dangerous?
Because both getting in and getting out are more likely to fill at a price against you, and one side is left open on its own for longer.
The cost figures here are measured by walking a $10,000 order through the orders standing on each side; where they cannot absorb that much, no cost figure can be produced at all. And because the price only cancels out while both sides are held, a fill that arrives late on one side leaves you taking the price move in full in the meantime. So a market whose open interest does not reach the floor is dropped before any pair is formed.
- On this page the floor is $5.0M and it applies to every asset alike. Sustained carry relaxes it to $2.0M for eight major assets; that relaxation belongs to that page, not this one.
- Open interest is the amount still open in that market. A — means the exchange does not publish it, not that the figure is small.
- The floor amount is printed at the bottom of the page.
What is funding rate arbitrage (FR arbitrage), in one paragraph?
It is holding the same asset long on one exchange and short on another, so the price movement cancels out and only the funding payment is left.
Perpetual futures have no expiry, so exchanges keep their price near the spot price by making one side pay the other every few hours. That payment is the funding rate — FR for short. When two exchanges set different rates for the same asset, holding both sides collects the difference. This site lists those differences; it does not tell you to take any of them.
- Also called: arbitrage, spread capture, cash-and-carry, basis trade
- What is left after the price cancels out: the funding difference, minus the cost of opening and closing