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Funding rates
Funding rate gaps between exchanges today
For each contract, the exchange with the lowest funding rate and the one with the highest. Holding a long on the first and a short on the second collects the difference at every settlement, before fees, spread and the risks of holding two positions.
Perpetual futures
Widest funding rate gaps right now
| # | Contract | Long on (lowest rate) | Short on (highest rate) | Gap, annualised | Per day on $10,000 each side | Same pair, 7-day average | Days to cover fees |
|---|---|---|---|---|---|---|---|
| 1 |  BTW-USDT |
Binance -0.2827%/4h | Bybit -0.1503%/4h | 289.97% | $79.44 | 4.06% | 0.26 |
| 2 | JCT-USDT |
Bitget +0.0050%/4h | Binance +0.1008%/4h | 209.80% | $57.48 | 14.78% | 0.38 |
| 3 | SIREN-USDT |
Gate +0.0050%/4h | Bitget +0.0955%/4h | 198.19% | $54.30 | -86.04% | 0.41 |
| 4 | ARIA-USDT |
Bybit +0.0050%/4h | Bitget +0.0907%/4h | 187.68% | $51.42 | -44.21% | 0.45 |
| 5 |  SOPH-USDT |
Binance -0.0659%/4h | Bybit +0.0050%/4h | 155.18% | $42.52 | 27.83% | 0.49 |
| 6 | ERA-USDT |
Binance -0.1652%/1h | Bybit -0.1492%/1h | 140.37% | $38.46 | -304.20% | 0.55 |
| 7 | DOOD-USDT |
OKX -0.0479%/4h | Binance +0.0159%/4h | 139.72% | $38.28 | 20.73% | 0.52 |
| 8 | APR-USDT |
OKX +0.0050%/4h | Gate +0.0601%/4h | 120.67% | $33.06 | -1.75% | 0.6 |
| 9 | TRUTH-USDT |
Bybit +0.0050%/4h | OKX +0.0535%/4h | 106.24% | $29.11 | -4.55% | 0.72 |
| 10 | UNITREE-USDT |
Gate -0.0454%/4h | Bitget +0.0003%/4h | 100.08% | $27.42 | -41.82% | 0.8 |
| 11 | CXMT-USDT |
Gate 0.0000%/1h | OKX +0.0808%/8h | 88.49% | $24.24 | 0.09% | 0.82 |
| 12 |  SAND-USDT |
Bybit -0.0226%/1h | OKX -0.0507%/4h | 87.30% | $23.92 | 30.07% | 0.88 |
| 13 |  RLC-USDT |
Binance -0.0686%/4h | Bybit -0.0598%/8h | 84.84% | $23.24 | 0.28% | 0.9 |
| 14 | DNA-USDT |
Gate -0.0278%/4h | OKX +0.0050%/4h | 71.83% | $19.68 | 56.81% | 1.02 |
| 15 |  DATA-USDT |
OKX -0.0558%/4h | Bybit -0.0247%/4h | 68.04% | $18.64 | -4.26% | 1.13 |
| 16 | DOS-USDT |
Binance +0.0050%/4h | Bybit +0.0354%/4h | 66.58% | $18.24 | -16.66% | 1.15 |
| 17 | CT-USDT |
OKX -0.1222%/4h | Binance -0.0927%/4h | 64.48% | $17.67 | 40.83% | 1.13 |
| 18 |  FET-USDT |
Gate -0.0474%/8h | OKX +0.0046%/4h | 61.88% | $16.95 | 5.64% | 1.18 |
| 19 |  SOON-USDT |
OKX +0.0050%/4h | Binance +0.0317%/4h | 58.44% | $16.01 | 7.18% | 1.25 |
| 20 | BEAT-USDT |
Gate +0.0100%/8h | OKX +0.0280%/4h | 50.44% | $13.82 | 4.00% | 1.45 |
| 21 | Q-USDT |
Gate -0.0350%/4h | Bitget -0.0122%/4h | 49.93% | $13.68 | -5.62% | 1.61 |
| 22 | FLOCK-USDT |
Binance +0.0050%/4h | OKX +0.0270%/4h | 48.28% | $13.23 | 18.02% | 1.51 |
| 23 |  COMP-USDT |
Gate -0.0339%/8h | Bybit +0.0100%/8h | 48.07% | $13.17 | -0.48% | 1.59 |
| 24 |  RAY-USDT |
OKX -0.0797%/8h | Bitget -0.0182%/4h | 47.41% | $12.99 | 5.77% | 1.69 |
| 25 | ACE-USDT |
Binance -0.0162%/4h | Bybit +0.0050%/4h | 46.52% | $12.75 | 9.03% | 1.65 |
Only contracts traded on at least two exchanges with $1 million of daily volume on each leg. Fees assume the standard VIP 0 taker fee on both exchanges, paid once to open and once to close each leg. Rates reset at every settlement, so a gap can close or reverse before it pays for itself. Is funding rate arbitrage risk free? →
Funding rates
Funding rate arbitrage: common questions
Which coin has the biggest funding rate gap between exchanges right now?
BTW-USDT. The next funding rate is -0.2827% per 4h on Binance and -0.1503% per 4h on Bybit, a gap of 289.97% a year. Holding a long on Binance and a short on Bybit collects about $79.44 a day on $10,000 each side, before costs.
How long does it take for a funding rate gap to cover trading fees?
For BTW-USDT, opening and closing both legs at the standard taker fee costs about 0.21% of the position, which the current gap would earn back in about 0.3 days if it stayed where it is.
Has the BTW-USDT funding rate gap been stable?
No, it is recent. Between Binance and Bybit the gap averaged only 4.06% a year over the last 7 days, against 289.97% now, so it may not last.
Is funding rate arbitrage risk free?
No. The two positions sit on different exchanges, so a sharp move can liquidate one leg before margin is moved; the two rates can converge or flip; and each exchange's fees, spread and withdrawal times cut into the return.
Funding rates are reset at every settlement, so these answers describe today's market, not a forecast.