Funding Arbitrage Screener
Perpetual futures and spot pairs with high funding rates, basis, and liquidity on both legs. The calculator shows the trade result based on your fees and maturity.
The table shows the latest linear perps in USDT or USDC with an annual interest rate of at least 10% modulo, open interest of at least $100,000, and a spot pair on Binance, Bybit, or OKX with a daily turnover of at least $100,000 in the same currency as the perp. The spot is taken from the same exchange, if available. Click on a row to calculate the trade in the calculator below.
| Coin | Strategy | Perp contract | Spot pair |
|---|---|---|---|
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Spot + Perp Trade Calculator
The calculation assumes that the rate remains constant until the end of the term and is paid according to the contract schedule, starting with the next payment. The capital is divided between the spot purchase and the perp margin. Both legs have the same number of coins, so with a non-zero basis, the perp position in dollars is greater or less than the spot position. Funding is accrued on the perp position. The basis result is calculated assuming that the exit spot price is equal to the entry price. Spot, perp, and margin are in the same stablecoin, USDT or USDC. The risk of perp liquidation, change in the payout interval, and delisting are not included in the calculation. This is an estimate, not a guarantee of income.
What is funding arbitrage?
With positive funding, longs pay shorts. If you buy a coin on the spot market and open a short position in a perpetual futures contract for the same number of coins, taking into account the contract multiplier, the price movement has almost no effect on the position, and the short seller receives payment. With a non-zero basis, the dollar amounts on the two legs differ slightly. This is the basic cash-and-carry scheme.
With negative funding, shorts pay. The opposite scenario—long on the prep and short on the spot—requires borrowing the coin on the margin market. Not every coin or exchange offers borrowing, and the rate can be higher than the funding itself. Therefore, these lines are marked separately, and the calculator won't show the total until you enter the borrowing cost.
The annual interest rate in the table is a projection assuming a constant interest rate. High rates usually don't last long, so the last three payments are shown next to them, along with how many of them were of the same sign as the current one.
How to use the screener
Step 1: Choose a pair
Compare the interval rate, recent payout history, open interest, and spot turnover. A basis greater than a few tenths of a percent also affects the outcome.
Step 2: Enter your terms
Fees depend on your tariff and order type, so we don't add them ourselves. Specify the fees of both exchanges, slippage, term, and leverage.
Step 3: Assess the risk
The funding rate may reverse as early as the next payout. A leveraged position can be liquidated if the price rises sharply, even if the spot price covers the position on another exchange.