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Market Tools · Funding

Funding Rate Arbitrage: Today’s Biggest Gaps

The same coin can pay very different funding on different exchanges. This page lists, for our 50 coins and stock and gold perps, where funding is highest, where it is lowest, and how big the gap is – across 12 exchanges, refreshed every 15 minutes. It shows facts, not tips, and every risk is spelled out below.

Not financial advice
Biggest gap now0.0985%Reddit: Bybit vs Gate, per 8h (107.9% a year)
Biggest CEX ↔ CEX gap0.0340%Polygon: KuCoin vs Gate
Bitcoin gap0.0146%dYdX +0.0242% vs Lighter +0.0096%
Exchanges answering12 / 12All exchanges answered

Biggest funding gaps between two exchanges

For each market: the exchange with the highest rate (where a trader in this kind of trade would hold the short), the one with the lowest (the long), and the gap between them. All rates per 8 hours.

Which exchanges?

87 markets with a gap · sorted by biggest gap

Biggest funding rate gaps between two exchanges
MarketHighest rate(the short side)Lowest rate(the long side)Gap per 8hGap per yearPaid every
RedditRDDT · 7 exchanges · stock/commodity perpBybit+0.1129%Gate+0.0144%0.0985%107.9%8h / 8hExtreme rate
CircleCRCL · 10 exchanges · stock/commodity perpBinance+0.0924%Hyperliquid+0.0050%0.0874%95.7%8h / 1hDifferent times
MoneroXMR · 11 exchangesdYdX+0.0837%Hyperliquid+0.0096%0.0741%81.1%1h / 1h
HederaHBAR · 12 exchangesdYdX+0.0483%Lighter−0.0216%0.0699%76.6%1h / 1h
CoinbaseCOIN · 10 exchanges · stock/commodity perpKuCoin+0.0657%Hyperliquid+0.0050%0.0607%66.5%8h / 1hDifferent times
AlgorandALGO · 11 exchangesdYdX+0.0535%KuCoin−0.0039%0.0574%62.8%1h / 8hDifferent times
AlphabetGOOGL · 9 exchanges · stock/commodity perpAster+0.0605%Hyperliquid+0.0050%0.0555%60.8%8h / 1hDifferent times
GameStopGME · 3 exchanges · stock/commodity perpLighter+0.0032%Hyperliquid−0.0493%0.0525%57.5%1h / 1h
ChainlinkLINK · 12 exchangesdYdX+0.0281%Lighter−0.0224%0.0505%55.3%1h / 1h
TSMCTSM · 9 exchanges · stock/commodity perpBinance+0.0534%Lighter+0.0032%0.0502%55.0%8h / 1hDifferent times
BroadcomAVGO · 5 exchanges · stock/commodity perpBitget+0.0518%Lighter+0.0032%0.0486%53.2%8h / 1hDifferent times
Ethereum ClassicETC · 11 exchangesVariational+0.0100%Hyperliquid−0.0358%0.0458%50.1%8h / 1hDifferent times
NebiusNBIS · 10 exchanges · stock/commodity perpKuCoin+0.0481%Lighter+0.0032%0.0449%49.2%8h / 1hDifferent times
AsterASTER · 12 exchangesAster+0.0427%dYdX0.0000%0.0427%46.8%4h / 1hDifferent times
AppleAAPL · 7 exchanges · stock/commodity perpBinance+0.0468%Hyperliquid+0.0050%0.0418%45.8%8h / 1hDifferent times
PlatinumXPT/USD · 9 exchanges · stock/commodity perpBitget+0.0450%Lighter+0.0032%0.0418%45.8%4h / 1hDifferent times
CoreWeaveCRWV · 9 exchanges · stock/commodity perpBybit+0.0455%Gate+0.0050%0.0405%44.4%8h / 8h
PalladiumXPD/USD · 2 exchanges · stock/commodity perpHyperliquid+0.0380%Lighter+0.0032%0.0348%38.1%1h / 1h
IntelINTC · 10 exchanges · stock/commodity perpBybit+0.0461%Hyperliquid+0.0120%0.0341%37.4%8h / 1hDifferent times
PolygonPOL · 12 exchangesVariational+0.0100%Gate−0.0240%0.0340%37.2%4h / 4h
World Liberty FinancialWLFI · 11 exchangesAster+0.0422%Lighter+0.0096%0.0326%35.7%4h / 1hDifferent times
MetaMETA · 8 exchanges · stock/commodity perpBinance+0.0376%Lighter+0.0056%0.0320%35.1%8h / 1hDifferent times
NvidiaNVDA · 8 exchanges · stock/commodity perpKuCoin+0.0351%Aster+0.0034%0.0317%34.7%8h / 8h
Eli LillyLLY · 2 exchanges · stock/commodity perpHyperliquid+0.0179%Bybit−0.0131%0.0309%33.9%1h / 8hDifferent times
Strategy (MicroStrategy)MSTR · 9 exchanges · stock/commodity perpBitget+0.0339%Lighter+0.0032%0.0307%33.6%8h / 1hDifferent times

Rates are normalised to “per 8 hours” so exchanges that pay every hour and every 8 hours can be compared. “Different times” = the two exchanges pay at different intervals, so money comes in and goes out at different moments. “Extreme rate” = 0.1% per 8h or more: often a thin market where rates and prices can jump.

The idea in plain English: delta-neutral funding

What traders mean when they talk about funding rate arbitrage.

Perpetual futures (perps) are contracts that track a price and never expire. To keep each contract close to the real price, longs and shorts swap a small payment every few hours: funding. When the rate is above zero, longs pay shorts; below zero, shorts pay longs.

Now picture Bitcoin paying +0.05% per 8 hours on exchange A and +0.01% on exchange B. A trader opens a short on A (receives 0.05%) and a long of the same size on B (pays 0.01%). If Bitcoin rises $1,000, the long gains about what the short loses – the price moves cancel. What is left is the gap: 0.04% every 8 hours.

“Delta” means how much a position gains or loses when the price moves. Equal long + short = total delta near zero, hence “delta-neutral”. The trader is betting on the funding gap staying open, not on the price.

Gap income

Income per 8h ≈ position size × (highest rate − lowest rate)

Exchange AShort · rate +0.05%receives $5Exchange BLong · rate +0.01%pays $1Price up $100: short −$100, long +$100 → 0Left over: $5 − $1 = $4per 8h on $10,000 each side, before fees
Both sides must be the same size, or the price moves do not cancel.

The risks: why a gap is not free money

Every one of these can turn a gap on this page into a loss. Traders who do this weigh all of them before opening anything.

  • Fees on both sidesOpening and closing on two exchanges is four trades. At a typical 0.05% each, that is 0.2% of the position – as much as four 8-hour payments of a 0.05% gap.
  • Spreads and slippageThe two contracts rarely trade at exactly the same price. The price you get when you open and close can differ between exchanges and eat the gap.
  • Rates change every hourFunding is recalculated all the time. A big gap often shrinks or flips within hours, sometimes before the first payment.
  • Liquidation on one sideIn a fast move one side wins and the other loses. If the losing side runs out of margin it gets liquidated, and you are suddenly not neutral any more.
  • Moving money between exchangesTo keep both sides safe you may need to move money from the winning exchange to the losing one. Transfers cost fees and time, and blockchains can be slow when markets are wild.
  • Exchange riskYour money sits on two platforms. An exchange can freeze withdrawals, go down in a busy moment, change its rules or fail. DEXs add smart-contract risk.
  • Thin markets, extreme ratesThe biggest gaps are usually on small coins with little trading. Prices there jump, orders move the price, and extreme rates rarely last.
  • Forced closing (auto-deleveraging)In very fast markets an exchange can close part of a winning position to cover traders who went bust. One side of the pair can shrink without warning.
  • Prices differ between exchangesEach venue has its own mark price. One side can show a loss before the other shows the matching gain, which uses up margin even when the pair is balanced.
  • Rules and limits changeExchanges change funding caps and formulas, and can pause withdrawals. Stock and gold perps can gap at weekends and pause funding when the real market is closed.
  • Different payment timesAn hourly exchange and an 8-hour exchange pay at different moments. You can pay for hours before the other side pays you, and the rate can change in between.

Example with $10,000: gap income minus fees

Round numbers, so you can follow along. It assumes the gap stays the same, which in real life it almost never does.

A 0.05% gap, held for one week

Position on each side
$10,000
Gap per 8 hours
0.05% (e.g. +0.06% short side, +0.01% long side)
Gap income per 8 hours
$10,000 × 0.0005 = $5.00
Per day (3 payments)
$15.00
Per week
$105.00
Trading fees (4 trades × 0.05%)
− $20.00
Spreads and slippage (4 × 0.02%)
− $8.00
Left after one week
$77.00
Days to pay back the costs
$28.00 ÷ $15.00 ≈ 1.9 days

About $77.00 on $20,000 of positions – if nothing changes. If the gap closes on day one, the trade loses the $28.00 of costs. Margin is needed on both sides too: at 3× leverage, about $6,667 of your own money is tied up.

A Bitcoin-size gap

A typical small gap
0.0107% per 8h (for example 0.0207% on one venue vs the usual 0.0100%)
Income per day
$10,000 × 0.000107 × 3 = $3.21
Costs (fees + slippage)
$28.00
Days to pay back the costs
≈ 8.7 days
Today’s biggest gap (RDDT)
0.0985% per 8h → $29.56 a day on $10,000

Small gaps on big coins take weeks to pay back the costs; big gaps on small coins pay back fast but rarely last. That trade-off is the whole game.

How to read the gap table

Six things to check on every row.

  1. 1Start with the gap per yearIt turns every gap into one comparable number. It assumes the gap never changes, so treat it as a size, not a promise.
  2. 2Check both ratesA gap of +0.06% vs +0.01% is different from +0.03% vs −0.02%. In the second case both sides receive funding while the gap lasts.
  3. 3Look at the payment times“Different times” means one exchange pays hourly and the other every 8 hours, so cash comes in and out at different moments.
  4. 4Beware the extreme tagRates of 0.1% per 8h or more are often thin markets. Prices there can jump, which matters when one side is leveraged.
  5. 5Use the filterCEX ↔ CEX keeps both sides on centralised exchanges; DEX only keeps both on decentralised ones. Moving money is easier within one kind.
  6. 6Check again laterThe table refreshes every 15 minutes. A gap that is still there tomorrow tells you more than one that is there now.

Kumo’s tips

The 12 exchanges Kumo reads

Seven big centralised exchanges (CEX: a company holds your money) and five decentralised ones (DEX: you trade from your own wallet on a blockchain). Links go to each exchange’s own home page.

Centralised exchanges (CEX)

Decentralised exchanges (DEX)

More funding weather

Funding is one piece of the picture. These pages fill in the rest.

Funding rate arbitrage: questions

What is funding rate arbitrage?

It is a trade where someone opens a long on the exchange with the lowest funding rate and a short of the same size on the exchange with the highest rate. Price moves on the two sides mostly cancel out, so what is left is the difference in funding payments: the gap. It is also called a delta-neutral funding trade.

Is funding rate arbitrage risk-free?

No. Trading fees on both sides, price gaps between the two exchanges, rates that change every hour, one side getting liquidated in a fast move, the cost and time of moving money between exchanges, and the risk of an exchange failing can all turn a gap into a loss. Many gaps close before the fees are paid back.

What does delta-neutral mean?

Delta is how much a position gains or loses when the price moves. A long gains when the price rises, a short loses the same amount. Holding both, of equal size, makes the total delta close to zero: the price can go up or down and the two sides roughly cancel out. That is delta-neutral.

Why are funding rates different on each exchange?

Each exchange has its own traders and its own contract price. If traders on one exchange are much more eager to be long, its contract trades further above the real price and its funding goes up. Exchanges also use different formulas, caps and payment times, so the same coin can show different rates.

What does “different times” mean in the table?

It means the two exchanges pay funding at different intervals, for example every hour on one and every 8 hours on the other. We compare everything per 8 hours, but in real life the money arrives and leaves at different moments, and a rate can change before the slower exchange pays.

How often is this page updated?

Every 15 minutes, from the free public data of all 12 exchanges. Rates on most exchanges are recalculated all the time, so a gap you see here can already be smaller or bigger on the exchange itself.

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