BTC/USDT
Cross-venue spread 3.91% short to receive Binance long to pay OKX
| Exchange | Current rate | Annualised | Interval |
|---|---|---|---|
| Binance | 0.0071% | 7.73% | 8h |
| Bybit | 0.0070% | 7.67% | 8h |
| OKX | 0.0035% | 3.82% | 8h |
Funding rates compared across exchanges, with arbitrage spreads
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.
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.