Funding Arbitrage by Exchange Pair
A delta-neutral funding trade is always between two specific exchanges. These are the pairs that currently share enough markets to be worth trading — with the best and median net APR the pair offers right now, after estimated fees.
All exchange pairs
by shared markets · snapshot 2026-09-05 12:44 UTC| Exchange pair | Shared markets | Best net APR · ≥$1M vol | Median net APR | ≥5% APR | Widest spread |
|---|---|---|---|---|---|
| Bybit vs KuCoin | 203 | 285.7% | 10.1% | 169 | AKE · $28.4M vol |
| Gate.io vs KuCoin | 199 | 208.8% | 19.7% | 161 | 4 · $7.7M vol |
| Bitget vs KuCoin | 198 | 205.6% | 7.8% | 170 | XVG · $1.2M vol |
| KuCoin vs OKX | 159 | 226.0% | 7.8% | 127 | PONS · $6.0M vol |
| Gate.io vs MEXC | 144 | 408.5% | 22.5% | 126 | AKE · $17.7M vol |
| KuCoin vs MEXC | 143 | 200.4% | 24.5% | 123 | AKE · $17.7M vol |
| Bybit vs Gate.io | 142 | 266.5% | 39.1% | 130 | SKR · $3.3M vol |
| BingX vs Gate.io | 138 | 274.4% | 31.8% | 128 | 4 · $3.8M vol |
| Bybit vs MEXC | 136 | 491.5% | 25.0% | 120 | AKE · $17.7M vol |
| BingX vs KuCoin | 134 | 285.5% | 38.0% | 121 | AKE · $4.8M vol |
| Binance vs Bybit | 128 | 494.6% | 24.8% | 112 | AKE · $90.3M vol |
| Aster vs KuCoin | 125 | 305.6% | 15.7% | 107 | AKE · $26.1M vol |
| Binance vs Gate.io | 122 | 411.6% | 25.9% | 108 | AKE · $54.5M vol |
| KuCoin vs Variational | 122 | 92.9% | 7.8% | 104 | PONS · $6.0M vol |
| BingX vs MEXC | 114 | 491.8% | 25.2% | 92 | AKE · $4.8M vol |
| Bitget vs Gate.io | 114 | 275.8% | 34.3% | 103 | 4 · $7.7M vol |
| Binance vs KuCoin | 114 | 234.0% | 26.4% | 96 | TRADOOR · $2.8M vol |
| Bitget vs Bybit | 112 | 282.8% | 27.6% | 98 | AKE · $28.5M vol |
| Bitget vs MEXC | 111 | 205.0% | 18.3% | 93 | AKE · $17.7M vol |
| BingX vs Bybit | 110 | 323.0% | 18.8% | 93 | ACE · $1.4M vol |
| Hyperliquid vs OKX | 105 | 325.4% | 10.5% | 64 | PONS · $53.6M vol |
| Binance vs Bitget | 104 | 208.2% | 20.6% | 87 | AKE · $28.5M vol |
| Bybit vs Hyperliquid | 104 | 297.9% | 12.8% | 62 | SKR · $2.8M vol |
| Aster vs Gate.io | 101 | 281.9% | 35.8% | 91 | CASHCAT · $1.2M vol |
| Gate.io vs Hyperliquid | 100 | 142.0% | 12.0% | 62 | CASHCAT · $3.0M vol |
| Binance vs BingX | 99 | 494.6% | 24.9% | 80 | AKE · $4.8M vol |
| Bitget vs Hyperliquid | 96 | 104.8% | 10.1% | 53 | ASTER · $6.5M vol |
| Aster vs BingX | 95 | 235.7% | 24.2% | 82 | CASHCAT · $1.2M vol |
| Aster vs MEXC | 93 | 102.7% | 21.1% | 81 | AKE · $17.7M vol |
| Aster vs Binance | 93 | 99.7% | 22.4% | 80 | AKE · $26.1M vol |
| Hyperliquid vs KuCoin | 92 | 140.2% | 14.2% | 62 | CASHCAT · $2.1M vol |
| Hyperliquid vs Variational | 90 | 140.9% | 12.5% | 54 | CASHCAT · $2.1M vol |
| Gate.io vs OKX | 88 | 397.2% | 24.5% | 75 | ICX · $1.6M vol |
| Aster vs Bybit | 85 | 274.5% | 22.5% | 76 | CASHCAT · $1.2M vol |
| BingX vs Bitget | 85 | 282.6% | 30.5% | 73 | AKE · $4.8M vol |
| Bybit vs OKX | 73 | 260.0% | 15.9% | 55 | PONS · $53.6M vol |
| Aster vs Bitget | 69 | 310.2% | 25.1% | 59 | AKE · $26.1M vol |
| Aster vs Hyperliquid | 67 | 158.9% | 12.0% | 44 | PONS · $8.6M vol |
| Binance vs OKX | 67 | 96.3% | 11.3% | 44 | LA · $6.5M vol |
| MEXC vs OKX | 65 | 261.0% | 16.4% | 49 | PONS · $10.9M vol |
| Lighter vs OKX | 64 | 321.8% | 6.7% | 34 | PONS · $2.7M vol |
| Lighter vs Variational | 64 | 161.6% | 5.3% | 33 | CASHCAT · $1.3M vol |
| Bybit vs Lighter | 63 | 154.4% | 9.4% | 38 | CASHCAT · $1.3M vol |
| Bitget vs OKX | 63 | 237.6% | 15.4% | 47 | PONS · $53.6M vol |
| KuCoin vs Lighter | 62 | 159.9% | 6.8% | 48 | CASHCAT · $1.3M vol |
| Gate.io vs Lighter | 61 | 161.8% | 13.5% | 41 | CASHCAT · $1.3M vol |
| Hyperliquid vs MEXC | 60 | 166.1% | 19.0% | 44 | ZORA · $1.2M vol |
| BingX vs OKX | 59 | 290.9% | 18.1% | 49 | PONS · $6.9M vol |
| Bitget vs trade.xyz | 58 | 36.6% | 2.0% | 22 | LITE · $1.8M vol |
| Extended vs KuCoin | 58 | 61.4% | 8.6% | 51 | PUMP · $1.3M vol |
| OKX vs trade.xyz | 57 | 37.5% | 2.7% | 26 | LITE · $2.9M vol |
| Aster vs OKX | 56 | 231.8% | 14.8% | 42 | CASHCAT · $1.2M vol |
| Gate.io vs Variational | 56 | 71.3% | 17.4% | 44 | AAPL · $1.3M vol |
| Bybit vs trade.xyz | 54 | 36.6% | 2.5% | 25 | LITE · $1.3M vol |
| Aster vs Lighter | 53 | 155.4% | 13.6% | 32 | PONS · $2.7M vol |
| Bitget vs Lighter | 52 | 81.5% | 2.0% | 22 | GRAM · $1.0M vol |
| Gate.io vs trade.xyz | 52 | 125.4% | 2.9% | 24 | TSLA · $1.8M vol |
| Extended vs Hyperliquid | 50 | 100.5% | 12.9% | 31 | CASHCAT · $1.6M vol |
| BingX vs Variational | 49 | 104.0% | 17.4% | 43 | USELESS · $2.8M vol |
| trade.xyz vs Variational | 48 | 26.2% | 2.0% | 20 | HOOD · $1.2M vol |
| Binance vs Hyperliquid | 47 | 165.2% | 20.3% | 35 | ZORA · $1.2M vol |
| BingX vs Hyperliquid | 46 | 297.6% | 21.5% | 39 | SKR · $2.8M vol |
| Bybit vs Variational | 46 | 75.0% | 15.5% | 39 | USELESS · $2.8M vol |
| OKX vs Variational | 45 | 326.0% | 13.0% | 35 | PONS · $7.3M vol |
| MEXC vs Variational | 45 | 74.6% | 13.0% | 35 | USELESS · $2.8M vol |
| Bitget vs Variational | 43 | 84.4% | 17.8% | 35 | PONS · $7.3M vol |
| Extended vs Variational | 41 | 40.7% | 12.2% | 30 | XMR · $1.3M vol |
| Bybit vs Extended | 40 | 31.2% | 13.7% | 35 | CASHCAT · $1.6M vol |
| Aster vs Variational | 39 | 281.6% | 17.3% | 31 | CASHCAT · $1.2M vol |
| Lighter vs MEXC | 39 | 82.3% | 19.0% | 32 | GRAM · $1.0M vol |
| Extended vs Gate.io | 39 | 61.7% | 14.9% | 33 | PUMP · $1.3M vol |
| Extended vs OKX | 36 | 286.0% | 10.0% | 29 | PONS · $3.7M vol |
| GMTrade vs Hyperliquid | 36 | 62.5% | 5.4% | 20 | VVV · $6.7M vol |
| BingX vs Extended | 34 | 61.1% | 15.4% | 29 | PUMP · $1.3M vol |
| Hyperliquid vs Lighter | 33 | 105.1% | 22.8% | 31 | ASTER · $1.6M vol |
| GMTrade vs KuCoin | 33 | 6.7% | 5.2% | 17 | DOGE · $23.4M vol |
| Bitget vs Extended | 32 | 61.1% | 12.1% | 26 | PUMP · $1.3M vol |
| Nado vs Variational | 32 | 11.2% | 12.0% | 22 | XRP · $1.7M vol |
| Binance vs Lighter | 31 | 81.7% | 18.8% | 28 | GRAM · $1.0M vol |
| Aster vs Extended | 31 | 240.6% | 12.3% | 22 | CASHCAT · $1.2M vol |
| Aster vs trade.xyz | 31 | 2.3% | 2.1% | 13 | XAU · $8.1M vol |
| BackPack vs OKX | 30 | 12.9% | 27.4% | 27 | BTC · $95.5M vol |
| Extended vs Lighter | 30 | 120.5% | 11.2% | 20 | CASHCAT · $1.3M vol |
| Gate.io vs GMTrade | 30 | 113.1% | 5.5% | 17 | TSLA · $1.8M vol |
| Arcus vs OKX | 30 | 11.8% | 1.7% | 8 | SOL · $1.7M vol |
| Hyperliquid vs Nado | 28 | 49.0% | 13.1% | 22 | BNB · $1.8M vol |
| Lighter vs Nado | 28 | 26.2% | 12.9% | 26 | PUMP · $1.9M vol |
| GMTrade vs Lighter | 27 | 34.2% | 6.5% | 21 | BNB · $3.2M vol |
| Bitget vs GMTrade | 27 | 18.8% | 5.3% | 14 | MSTR · $41.1M vol |
| BingX vs Lighter | 26 | 115.6% | 26.7% | 23 | CASHCAT · $1.3M vol |
| GMTrade vs Nado | 26 | 7.1% | 6.8% | 20 | ZEC · $11.0M vol |
| Arcus vs Variational | 26 | 7.9% | 1.6% | 5 | BTC · $34.1M vol |
| Extended vs GMTrade | 25 | 108.5% | 6.6% | 18 | WTI · $2.5M vol |
| Bybit vs GMTrade | 25 | 50.4% | 5.4% | 16 | VVV · $8.2M vol |
| Bitget vs Nado | 25 | 12.1% | 10.9% | 17 | ZEC · $11.3M vol |
| Aster vs GMTrade | 25 | 18.3% | 4.6% | 11 | MSTR · $1.0M vol |
| GMTrade vs MEXC | 25 | 41.6% | 6.6% | 16 | VVV · $1.8M vol |
| GMTrade vs Pacifica | 24 | 6.8% | 4.3% | 9 | BTC · $243.0M vol |
| BackPack vs GMTrade | 23 | 6.9% | 5.4% | 16 | BTC · $92.0M vol |
| Binance vs GMTrade | 23 | 40.8% | 5.8% | 14 | VVV · $20.0M vol |
| GMTrade vs OKX | 23 | 33.9% | 5.9% | 16 | VVV · $3.1M vol |
| Extended vs Nado | 22 | 62.0% | 11.5% | 17 | PUMP · $1.3M vol |
| BingX vs GMTrade | 22 | 50.9% | 5.6% | 14 | VVV · $1.9M vol |
| KuCoin vs Nado | 22 | 11.6% | 11.9% | 19 | ZEC · $11.3M vol |
| OKX vs Pacifica | 21 | 12.8% | 8.2% | 18 | BTC · $243.0M vol |
| Hyperliquid vs Risex | 21 | 136.5% | 14.0% | 15 | SNDK · $1.6M vol |
| KuCoin vs Risex | 21 | 122.5% | 12.1% | 17 | SNDK · $1.6M vol |
| Extended vs MEXC | 21 | 23.4% | 11.6% | 14 | PONS · $3.7M vol |
| Bitget vs Pacifica | 21 | 11.6% | 7.1% | 18 | ZEC · $2.9M vol |
| Lighter vs Risex | 20 | 119.0% | 11.9% | 13 | SNDK · $1.6M vol |
| Arcus vs Bitget | 19 | 6.4% | 1.3% | 5 | BTC · $34.1M vol |
| OKX vs Risex | 18 | 121.7% | 19.6% | 14 | SNDK · $1.6M vol |
| Gate.io vs Risex | 18 | 121.3% | 26.2% | 16 | SNDK · $1.6M vol |
| Bybit vs Risex | 17 | 121.1% | 18.3% | 16 | SNDK · $1.6M vol |
| Extended vs Risex | 17 | 48.4% | 13.9% | 13 | BNB · $2.0M vol |
| Binance vs Extended | 17 | 61.8% | 4.8% | 8 | PUMP · $1.3M vol |
| Arcus vs Bybit | 17 | 47.2% | 1.5% | 4 | HOOD · $4.2M vol |
| Nado vs Risex | 16 | 92.9% | 15.0% | 13 | PUMP · $1.0M vol |
| Aster vs Risex | 16 | 121.5% | 29.1% | 14 | SNDK · $1.6M vol |
| Bitget vs Risex | 16 | 121.0% | 28.4% | 14 | SNDK · $1.6M vol |
| Arcus vs Risex | 16 | 117.2% | 11.5% | 11 | SNDK · $1.6M vol |
| Pacifica vs Risex | 16 | 40.0% | 12.7% | 14 | SOL · $3.2M vol |
| MEXC vs Nado | 16 | 11.6% | 10.4% | 11 | XRP · $1.7M vol |
| MEXC vs Pacifica | 16 | 9.3% | 7.1% | 12 | XAU · $1.2M vol |
| Risex vs Variational | 15 | 121.9% | 15.6% | 12 | SNDK · $1.6M vol |
| Gate.io vs Ostium | 15 | 105.7% | 5.5% | 8 | TSLA · $1.8M vol |
| Gate.io vs Vest | 15 | 17.3% | 14.0% | 11 | ENA · $12.5M vol |
| MEXC vs Risex | 15 | 62.0% | 15.0% | 10 | BNB · $2.0M vol |
| Lighter vs Sodex | 15 | 22.8% | 4.6% | 7 | ZEC · $1.6M vol |
| GMTrade vs Risex | 14 | 98.3% | 18.8% | 11 | PUMP · $1.0M vol |
| Hyperliquid vs Vest | 14 | 48.9% | 21.4% | 9 | BNB · $27.7M vol |
| Binance vs Risex | 14 | 92.6% | 14.1% | 9 | PUMP · $1.0M vol |
| Binance vs Nado | 14 | 11.1% | 9.3% | 9 | XRP · $1.7M vol |
| MEXC vs Vest | 14 | 18.3% | 12.7% | 11 | ENA · $25.1M vol |
| BingX vs Sodex | 14 | 11.2% | 7.7% | 9 | XAUT · $2.1M vol |
| BackPack vs Risex | 13 | 38.1% | 13.1% | 10 | SOL · $3.2M vol |
| GMTrade vs Vest | 13 | 7.1% | 5.3% | 9 | BTC · $3.2M vol |
| KuCoin vs Vest | 11 | 10.7% | 9.2% | 8 | BTC · $3.2M vol |
| Hyperliquid vs Ostium | 11 | 10.7% | 8.5% | 9 | INTC · $38.7M vol |
| OKX vs Vest | 11 | 45.7% | 8.6% | 8 | ZK · $4.2M vol |
| Binance vs MEXC | 11 | 17.2% | 9.2% | 8 | INJ · $6.7M vol |
| Bybit vs Vest | 10 | 61.2% | 13.9% | 9 | ZK · $4.5M vol |
| Bybit vs Ostium | 10 | 47.0% | 2.4% | 1 | HOOD · $4.6M vol |
| BingX vs Nado | 10 | 12.3% | 2.6% | 4 | ZEC · $11.3M vol |
Listed pairs share at least 10 markets, of which at least 5 carry $1M or more of 24h volume on the smaller leg — the leg that actually caps position size. Pairs below that still appear in the scanner; they just do not have enough behind them to justify a page in search results.
Why the pair matters more than the coin
A funding spread is not a property of a coin — it is the difference between what two exchanges pay for the same exposure. The same market can be worth trading between one pair of venues and worth nothing between another, because fees, funding intervals and book depth all differ per venue. Picking the pair first also fixes the practical constraints: which two accounts you need funded, what the round-trip fee is, and how much size the thinner book supports. Per-coin detail lives on the funding rate pages, per-exchange detail on the exchange pages.