BTC/USDT
Cross-venue spread 4.10% short to receive Binance long to pay Bybit
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Binance | 0.0100% | 10.95% | 8h |
| OKX | 0.0088% | 9.59% | 8h |
| Bybit | 0.0063% | 6.85% | 8h |
Funding rates compared across exchanges, with arbitrage spreads
At the latest settlement, HYPE has the widest gross gap: 4.71% annualised, short on Binance and long on OKX. Funding is a recurring transfer between longs and shorts, not a fee the exchange takes. The same contract usually funds differently on each venue — shorting where funding is highest and going long where it is lowest earns the difference without taking directional risk. The table below annualises each rate and flags the widest pair per symbol.
All markets, widest spread first
| Market | Binance | OKX | Bybit | Cross-venue spread | Short / long |
|---|---|---|---|---|---|
| HYPE/USDT | 10.95% 4h | 6.24% 8h | 10.95% 8h | 4.71% | short Binance / long OKX |
| ETH/USDT | 10.95% | 7.22% | 6.65% | 4.30% | short Binance / long Bybit |
| BTC/USDT | 10.95% | 9.59% | 6.85% | 4.10% | short Binance / long Bybit |
| XRP/USDT | 10.95% | 10.95% | 7.19% | 3.76% | short Binance / long Bybit |
| DOGE/USDT | 7.55% | 7.80% | 9.13% | 1.58% | short Bybit / long Binance |
| SOL/USDT | 10.95% | 10.85% | 10.95% | 0.10% | short Binance / long OKX |
Each figure is annualised at the interval that venue actually settles on. Where venues in one row settle on different schedules, the interval is shown beside the figure.
ETH/USDT
Cross-venue spread 4.30% short to receive Binance long to pay Bybit
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Binance | 0.0100% | 10.95% | 8h |
| OKX | 0.0066% | 7.22% | 8h |
| Bybit | 0.0061% | 6.65% | 8h |
SOL/USDT
Cross-venue spread 0.10% short to receive Binance long to pay OKX
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Binance | 0.0100% | 10.95% | 8h |
| Bybit | 0.0100% | 10.95% | 8h |
| OKX | 0.0099% | 10.85% | 8h |
XRP/USDT
Cross-venue spread 3.76% short to receive Binance long to pay Bybit
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Binance | 0.0100% | 10.95% | 8h |
| OKX | 0.0100% | 10.95% | 8h |
| Bybit | 0.0066% | 7.19% | 8h |
DOGE/USDT
Cross-venue spread 1.58% short to receive Bybit long to pay Binance
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Bybit | 0.0083% | 9.13% | 8h |
| OKX | 0.0071% | 7.80% | 8h |
| Binance | 0.0069% | 7.55% | 8h |
HYPE/USDT
Cross-venue spread 4.71% short to receive Binance long to pay OKX
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Binance | 0.0050% | 10.95% | 4h |
| Bybit | 0.0100% | 10.95% | 8h |
| OKX | 0.0057% | 6.24% | 8h |
Frequently asked
Is funding a fee the exchange charges?
No. Funding is a transfer between longs and shorts that keeps the perpetual's price near spot. When the rate is positive longs pay shorts, and when negative the reverse. The exchange takes no cut of it.
How is the annualised figure calculated?
The rate for one period, multiplied by the number of settlements per day, multiplied by 365. The interval varies by venue and by symbol — eight hours is common but four and one also occur — so it is inferred here from historical settlement timestamps rather than assumed to be eight, which would otherwise distort every annualised figure.
Is the cross-venue spread actually capturable?
In principle, shorting the high-funding venue and going long the low one earns the difference with no directional exposure. In practice it costs fees on both legs, ties up margin on both sides, and carries liquidation and rate-reversal risk. The figures shown are gross spreads, not net returns.