Binance and MEXC both quote 14 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 NIGHT — long Binance / short MEXC at 14.9% net APR — but the median across all shared markets is 10.7%, 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 10 markets go long on Binance and 4 on MEXC. 11 markets clear 5% net APR, 9 clear 10%.

Binance pays funding every 4h on 235 markets and every 8h on 84 markets; MEXC pays every 4h on 271 markets and every 8h on 128 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 MEXC quotes 400; the 14 they share are what this page ranks. Across its own book Binance runs a median funding rate of 8.6% and MEXC 7.8%, 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.

Coverage note: Binance and MEXC share 14 markets, 4 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.