Binance and KuCoin both quote 172 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 MEW — long Binance / short KuCoin at 335.3% 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 108 markets go long on Binance and 64 on KuCoin. 139 markets clear 5% net APR, 104 clear 10%.

Binance pays funding every 4h on 234 markets and every 8h on 85 markets; KuCoin pays every 4h on 233 markets and every 8h on 183 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Binance quotes 320 perpetual markets in total and KuCoin quotes 417; the 172 they share are what this page ranks. Across its own book Binance runs a median funding rate of 8.3% and KuCoin 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.