Binance and Bybit both quote 167 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is ERA — long Binance / short Bybit at 443.2% net APR — but the median across all shared markets is 13.6%, which is the number worth planning around.

The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 98 markets go long on Binance and 69 on Bybit. 131 markets clear 5% net APR, 96 clear 10%.

Binance pays funding every 4h on 233 markets and every 8h on 83 markets; Bybit pays every 8h on 245 markets and every 4h on 198 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Binance quotes 317 perpetual markets in total and Bybit quotes 445; the 167 they share are what this page ranks. Across its own book Binance runs a median funding rate of 8.9% and Bybit 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.

Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.